Economics
Europe Recession Inevitable as Last Line of Defense Crumbles
- A slump in services is dragging the region’s economy down
- Countries across the continent are in lockdown to halt virus
This article is for subscribers only.
There’s 1,000 miles and a body of water between Mark McGowan and the Italian epicenter of Europe’s coronavirus outbreak. He may as well be next door.
His 16-room hotel, the Scholars Townhouse in Drogheda, north of Dublin, has seen a 60% drop in room revenue. The business market “just melted away overnight,” he said.