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Deutsche Welle

The European Commission says the 16 nations in the eurozone are heading for a deep and protracted recession, predicting unemployment to rise above ten percent in 2010. The economy is expected to contract 1.8 percent due to the financial crisis, according to the commission's half yearly report. Germany's economic output is expected to fall by 2.3 percent this year, the European Commission forecast on Monday. Meanwhile Russia has announced that due to sinking oil prices and the global financial crisis, the country's gross domestic product will fall to between zero and two percent.