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Eurozone Likely To Contract 8-12% In 2020, ECB Chief Says

The European Central Bank President Christine Lagarde said the euro area economy is likely to contract as much as 12 percent in 2020 as member countries struggle to emerge from the coronavirus pandemic. On a live webinar, Lagarde said on Wednesday, the actual economic outcome would come between the ECB’s “medium” and “severe” scenarios. The mild scenario is outdated.
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