The European economy is lagging behind China and the United States, and it is recovering more slowly from the crisis.

This tendency is associated with the reintroduction of quarantine restrictions throughout the eurozone, as well as with a belated campaign of vaccination of the population. Much of Europe probably came back into recession, said Janet Henry, chief economist at HSBC Holdings Plc. “Indicators in China have already reached pre-crisis levels. In the US, we predict this will happen by the end of 2021. The European Union will be able to recover only by the end of 2022,” she said.

The departure of Italian Prime Minister Giuseppe Conte amid growing debt obligations also had influence on the situation in the region. The IMF predicted that the eurozone’s GDP will grow by only 4.2 percent this year (after falling by 7.2 percent in 2020). The US economy will expand by 5.1 percent, experts say.