survey began in 1998. In Germany, the services sector laid off staff at the steepest rate in about 23 years. In Spain, services activity contracted for the first time in six-and-a-half years.
Chris Williamson, chief business economist at IHS Markit, said that "with various countries stepping up their measures to contain the spread of the coronavirus," the final numbers were "no surprise." The gloomy picture adds further pressure on European leaders to address the economic consequences of the coronavirus. The pandemic, which emerged in China in late 2019, has spread all over the world and brought all major economies to a halt. In most European countries people have been stuck at home for weeks, only allowed outside to purchase groceries and medicines.
America next
Europe mostly bankrupt… next domino to fall: banks
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