Euro economy burdened by pandemic, seen lagging US and China

FRANKFURT, Germany (AP) — The European economy shrank by 0.7% in the last three months of 2020 compared with the previous quarter. Businesses across the 19 countries that use the euro as their currency weathered a renewed round of anti-COVID-19 lockdowns somewhat better than expected. For the full year, the eurozone saw a steep decline of 6.8%. The official figures published Tuesday don’t change a subdued outlook for the coming year. The winter wave of coronavirus infections in Europe has meant new restrictions on travel and business activity, The eurozone economy is not expected to fully recover from the pandemic until 2022, well after the U.S. and China.