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This document is the European Commission's spring 2009 economic forecast. It provides an overview of economic conditions and forecasts for the EU and euro area, as well as individual member states, candidate countries, and other global economies. The forecast predicts that the EU will experience a deep and widespread recession in 2009, with GDP declining by 4% and unemployment sharply increasing. Inflation is expected to remain low as economic activity contracts. Government budget deficits and debt are also forecast to rise substantially across the EU due to falling tax revenues and stimulus measures. Considerable uncertainty surrounds the forecasts due to the ongoing global financial and economic crisis.
