Business & Economy

Lagarde: spread of Delta variant could delay economic recovery

Frankfurt, Germany, Sep 9 (EFE).- The President of the European Central Bank Christine Lagarde said Thursday that the economy of the euro area is clearly recovering, but that the spread of the Delta variant of Covid-19 could delay a total reopening of the economy.

“While rising immunity to the coronavirus means that the impact of the pandemic is now less severe, the global spread of the Delta variant could yet delay the full reopening of the economy,” Lagarde said in a press conference.

The president of the ECB announced that the institution has revised its economic forecast, with more positive expectations of growth and inflation for the year.

However, the speed of the region’s economic recovery, she said, will depend on how the pandemic evolves in the coming months.

“The rebound phase in the recovery of the euro area economy is increasingly advanced,” Lagarde said. “Output is expected to exceed its pre-pandemic level by the end of this year.”

“With more than 70% of European adults fully vaccinated, the economy has largely reopened, allowing consumers to spend more, and companies to increase production,” she said. EFE


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