Coronavirus 1 May 2020 Spain's economy to shrink 10 per cent as ECB warns of further eurozone gloom Sign UpGet the New Statesman's Morning Call email. Sign-up Spain's economy is set to shrink by 9.2 per cent this year, the country's economy minister Nadia Calvino has said. It will rebound by 6.8 per cent next year, according to government projections. The news comes after the European Central Bank (ECB) warned that the eurozone economy would shrink by as much as 15 per cent during the second quarter of this year, and may not reach pre-crisis levels until 2022. The second half of this year would see “a protracted and incomplete recovery”, the ECB said, with GDP growth of 6 and 3 per cent in the third and fourth quarters of the year. In a worst-case scenario, GDP would remain "well below" 2019 levels for two more years, it said. › Voters favour harder line on relations with China, polling shows Subscribe For more great writing from our award-winning journalists subscribe for just £1 per month!