H.E. Pierre Gramegna, Luxembourg Minister of Finance speaks at the ALFI Rentrée virtual conference

23 Sep 2020 | Events  

Luxembourg’s economy is poised to rebound more strongly than other European countries this year, finance minister told his virtual audience on the second day of the ALFI Rentrée conference. If current trends are maintained, GDP is forecast to shrink by 6% this year, compared with an EU average of 8%-9%, followed by a 7% rebound in 2021, returning the economy to its pre-pandemic size.

“I decided on day one of the crisis that this was not the time to save,” Mr Gramegna said. Luxembourg’s is among the most ambitious EU economic support programme, totalling 18% of GDP including €4bn of debt moratoriums – €2bn of which remain in effect. “Obviously the financial situation for this year doesn’t look good,” he admitted, adding: “We will have to live with Covid-19 until there is a vaccine, respecting distances, keeping remote working but living as normally as possible.”