According to the European Commission’s estimates, the fall in production in the euro area will be close to 8 per cent, in line with the average of the latest consensus forecasts, which lie within a range of between 5 and 13 per cent. The reaction of governments, central banks, and supervisory authorities in most countries has been swift and substantial.
The advanced and emerging economies decided on extensive increases in spending and reductions in tax revenues: the IMF estimates that the measures adopted up to early April were close on average to 6 and 2 percentage points of GDP respectively; other interventions have subsequently been decided.