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Eurozone economy expected to shrink by 7.3 pct throughout 2020: Report

In this file photo taken on April 24, 2020 people wearing face masks walk in front of a big Euro sign in Frankfurt am Main, western Germany, as the European Central Bank (ECB) headquarter can be seen in the background amid the coronavirus COVID-19 pandemic. (Photo by AFP)

The economy of the eurozone is likely to shrink by 7.3 percent throughout 2020 because of the COVID-19 pandemic, according to a report released by research institutions.

An economic outlook report jointly released by the Ifo Institute, Swiss Economic Institute and Italian National Institute of Statistics, shows that the eurozone economy overshadowed by the new round of COVID-19 pandemic and lockdown measures introduced to contain the spread of the virus, will contract by 2.7 percent in the fourth quarter of 2020.

(Source: Reuters)


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