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ECB: COVID a 'triple shock' for economy

(ANSA) - BELGRADE, 25 SET - "The COVID-19 crisis has been a triple shock for the global economy," the European Central Bank (ECB) said in its economic bulletin, published Thursday. "Unlike past crises, it hit private consumption particularly hard in the first half of 2020," the ECB underlined. "Looking ahead, while the negative effects of containment measures will likely dissipate and global production will gradually recover, continued uncertainty about the health and economic outlook will continue to weigh on consumption, thus holding back a more vigorous recovery in economic activity," the Central Bank noted. "The rebound in euro area economic activity is expected to continue in the remainder of 2020, provided there is no major resurgence of the pandemic. Euro area activity is projected to rebound by 8.4% in the third quarter," the ECB forecasted. "The baseline projection rests on the key assumption of a partial success in containing the virus, with some resurgence in infections over the coming quarters leading to continued containment measures, albeit less strict than in the initial wave, until a medical solution becomes available by mid-2021," the bulletin reads. (ANSA).