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European Union flags fly outside the European Commission headquarters in Brussels, Belgium. Image Credit: Reuters

Brussels: The European Commission said on Wednesday the eurozone economy would contract by a staggering 7.7 per cent in 2020, as the catastrophic consequences of the coronavirus outbreak sweep through the continent.

Calling it a "recession of historic proportions", the EU's executive said the 19-member single currency zone would then rebound by 6.3 percent in 2021, in an uncertain recovery that would be felt unevenly across the continent.