April 21, 2021
The eurozone has been heavily affected by the pandemic crisis and the economic recovery remains highly linked to the health situation. We still expect a strong rebound in the second half of this year, with lockdown restrictions being gradually eased and activity picking up pace across all the sectors of the economy. Tourism activity will also resume in 2021, but remaining below pre-pandemic levels. However, the magnitude of the rebound will depend on the success of the vaccine campaigns across the bloc; ongoing obstacles to vaccine production and distribution represent major downside risks for the recovery at this time. On the other side, a potential strong rebound in private consumption could improve the boost later this year and in 2022.