US investment bank Goldman Sachs sharply cut its economic forecast for Europe in Q4 of the year after a jump in COVID-19 cases prompted major countries to announce partial closures in November.
The bank said it expected real GDP in the euro area to shrink 2.3% in Q4, a major revision to its previous forecast of 2.2% growth.
The bank lowered the forecast for GDP growth in Britain to -2.4% from a previous forecast of 3.6% growth.