ECB Says Speed, Scale of Economic Recovery `Highly Uncertain'

The transcript discusses the significant contraction of real GDP in the second quarter, with indicators suggesting a bottoming out of the downturn as the economy gradually reopens. It anticipates a rebound in the third quarter, supported by eased containment measures, favorable financing conditions, and a resumption in global activity, though the speed and scale of the rebound remain uncertain. The June 2020 euro system staff macroeconomic projections predict an 8.7% fall in annual real GDP for 2020, with a rebound expected in 2021 and 2022.

What is the projected percentage fall in annual real GDP for 2020?

What is the expected GDP rebound percentage for 2021?