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Brussels  — The eurozone economy will contract by a record 7.7% in 2020 because of the Covid-19 pandemic, inflation will almost disappear and public debt and budget deficits will balloon, the European Commission forecast on Wednesday.

As the economy contracts in 2020, consumer prices will almost stagnate, the commission forecast. The inflation rate will slow to 0.2% before accelerating to 1.1% in 2021, when the eurozone is to return to growth of 6.3%. Investment will plunge 13.3% this year, it said...

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