Like the rest of the world the European Union saw a sharp decrease in economic activity in the first half of 2020 due to the coronavirus pandemic. This led to massive monetary and fiscal stimulus. As easing lockdown measures allowed businesses and consumers to resume activity later in the year the European Union posted record quarterly GDP growth in the third quarter of 2020. While that growth is waning due to rising coronavirus cases in the fourth quarter, it is anticipated that EU growth will rebound strongly in 2021 in response to the reopening of the global economy combined with sustained monetary and fiscal stimulus.