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Europe is braced for a challenging year ahead following warnings from the European Commission that the EU is in the midst of its “deepest and most widespread” recession since the Second World War.
Unveiling revised economic forecasts yesterday, the commission said it expected the recession across Europe to be twice as bad as previously predicted with no recovery on the horizon until next year.
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It has forecast the Eurozone to shrink 4 per cent this year compared to its -1.9 per cent forecast just three months ago.
The Commission also expects unemployment to rise to more than 11 per cent.
