ECB Sees Euro-Area Shrinking as Much as 15% This Quarter

(Bloomberg) -- The euro-area economy’s near 4% contraction in the first quarter was just the beginning of what will be an unprecedented recession for the region. The European Central Bank will update its view on Friday, and President Christine Lagarde gave a depressing preview Thursday, saying GDP could slump 15% in a “severe” scenario. Only one prediction in a Bloomberg survey, from UniCredit, is worse than that.

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