Retail And Wholesale To Drive Post-COVID-19 Economic Revival: EuroCommerce
EuroCommerce has said that the retail and wholesale sectors will play an important role in reviving the European economy after the COVID-19 pandemic as the European Commission presented an economic recovery plan for Europe.
'Positive And Ambitious Approach'
Commenting on the commission’s move, EuroCommerce director-general, Christian Verschueren said, “We are encouraged by the Commission’s positive and ambitious approach to getting the European economy moving again after the massive damage done by the COVID virus.
“Our sector is both directly dependent on, but also a driver of the rest of the economy. Stimulating consumption will, therefore, mean support for everyone in supply chains across Europe.”
According to estimates, up to 40% of retailers and wholesalers in Europe are likely to go out of business in some countries, particularly non-food shops and small retailers and wholesalers.
EuroCommerce also pointed out private consumption, which contributes to 50% of the EU GDP, will make a real difference.
The body emphasised on the need to inject liquidity into the economy and ensure that the money reaches the companies that need it at the earliest.
It also highlighted a set of priorities that would be crucial in the process of economic recovery.
These include, among others, the need to take steps to stimulate consumption among consumers by improving their purchasing power and ensuring that service industries including retail and wholesale sectors get the necessary support.
It emphasised on the need to develop a strong EU home market to help European companies compete globally, similar to the US and China.
EuroCommerce identified the need to remove ‘unnecessary’ legislations, imposed during the coronavirus crisis, as one of the key factors in the economic recovery process.
Another area, according to the body, is providing financial support to companies to accelerate their digital and sustainability transition.
It also focussed on the need to keep international markets open and avoid pressure to close down the EU markets as world trade in expected to decline by 30% this year.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.