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OverviewAPI
The European Union predicts that the euro area and its biggest economies will avoid a recession as growth returns at the end of the year. Inflation is expected to ease, but concerns include high borrowing costs and a softening labor market. The euro zone economy is experiencing a shallow recession with growth hovering around zero. The European Central Bank chief economist indicates that the economy is likely to contract or stagnate in the fourth quarter. The IMF predicts a soft landing for Europe's economy despite interest rate increases. The Eurozone economy is experiencing deep contraction, with manufacturing and services sectors in decline.

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