May 7, 2009
European Economy to Shrink by 4%
BBC news has reported that the European Economy is set to shrink by 4% this year due to employment and house prices dropping.
The jobless figure would be 11.5% across the 16 countries using the euro, known as the eurozone, it added.
“The European economy is in the midst of its deepest and most widespread recession in the post-war era,” said EU Economic and Monetary Affairs Commissioner, Joaquin Almunia.
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