Interruption of the economic recovery - resurgence of the pandemic leads to increased uncertainty. The COVID-19 pandemic is an extraordinary shock to EU and global economies and has serious economic and social consequences. However, the resurgence of the pandemic in recent weeks is causing economic disruption as national authorities introduce new public health measures to contain the spread of COVID-19. Many European countries reacted with a small or partial lockdown at the end of the year and into January 2021. In some countries, such as Austria or Germany, curfews and meeting bans are back in force.

The year-end forecast for 2020 assumes that the euro zone economy will shrink by 7.8% in 2020 and grow by 4.2% in 2021 and 3% in 2022. The EU economy as a whole is expected to shrink by 7.4% in 2020, with growth of 4.1% in 2021 and 3% in 2022. According to the forecast, the unemployment rate in the euro zone is expected to rise from 7.5% in 2019 to 8.3% in 2020 and 9.4% in 2021 and to fall to 8.9% in 2022. Great Britain is facing enormous challenges. The economy has suffered a massive slump. The central bank is expecting an unprecedented economic slump in GDP for the whole of 2020 of 11%. And the Brexit has not even started yet.

 

According to the forecast, the general government deficits in the euro zone will increase from 0.6% of GDP in 2019 to around 8.8% in 2020 and then fall to 6.4% in 2021 and 4.7% in 2022. This is in line with the expected gradual phasing out of emergency aid measures in the course of 2021 as the economy recovers. In line with the increase in deficits, the forecast assumes that the euro zone's total debt ratio will rise from 85.9% of GDP in 2019 to 101.7% in 2020 and further to 102.3% in 2021 and 102.6% in 2022.

 

December can work like also January in each case only as one 3-week-month. Christmas is celebrated in Western Europe mainly in December. In many parts of Eastern Europe, Russia or Greece, the Orthodox Christmas (besides Father Frost and Sochelnik) is celebrated at the beginning of January. Many companies and production companies take these holidays into account and close their companies and production from December 23 to January 10, 2021. However, there is no uniform regulation and can vary from country to country or region to region.

 

In many countries, Santa Claus comes around December 6 and gives presents to good children. In Spain, adults need a little luck on December 24th to get a gift. After the banquet, all the members of the family draw from the urn of destiny, a raffle that includes small presents as well as rivets. Traditionally, the actual presents are only given on January 6th. Since 1812, most Spaniards have followed the drawing of the Christmas lottery (Sorteo extraordinario de Navidad) on the morning of December 22nd. Every year, the largest winning amount in the world seeks a happy owner. The Advent season in the Austrian Alps could be spooky instead of contemplative when you meet Krampus, the evil companion of Santa Claus. Both are on the road on the night of December 6. But while St. Nicholas gives good children mandarins, nuts or chocolate, the horned Krampus punishes the bad children and sometimes also the bad adults.