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As on Jul 07, 2020 12:00 AM Your results on : Currency News    
Economic Buzz: Eurozone Economy To Shrink By 8.7% This Year
07-Jul-2020 (16:50)
European Commission revised down its forecasts for the Eurozone economy to reflect a deeper contraction in 2020 and a weaker rebound in 2021. The Commission now expects the eurozone economy to shrink by 8.7% this year, rather than the 7.7% it expected at its last quarterly update in April. Euro zone will grow by 6.1%, rather than the 6.3% it originally forecast, noted European Commission. The Commission noted that the heavy impact of the virus across the U.S. and key emerging export markets such as Latin America and India would crimp Europe's ability to export its way out of recession.

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