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Euro-zone enters recession

The European Commission has confirmed what everyone has suspected – the USD12 trillion, 15-country euro-zone (countries using the euro) has entered a recession. Growth will be at a near-standstill next year, growing just 0.1% - well below the 1.5% expansion predicted as recently as Apr-08 – and 1.2% growth expected for the full year 2008. Unemployment will rise to 8.4% next year from 7.5% in September and move higher still in 2010.

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