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EU predicts region will contract 7.4% this year in worst economic shock since 1930s
The European Union will contract 7.4% in 2020 as the coronavirus pandemic brings the worst economic shock since the Great Depression in the 1930s, the European Commission said Wednesday. The executive arm of the EU has released its latest economic forecasts — the first estimates since European countries introduced lockdown measures to stop the spread of the virus. In February, the European Commission estimated a 1.4% rise in GDP for the EU this year.