Eurozone crisis: Bloc crashing into double-dip recession as bungled jabs rollout hits hard

In a separate forecast, German insurance giant Allianz predicted Eurozone GDP to slump 0.5 percent in the first three months of the year compared to the previous quarter.

This would mean a double-dip recession for the single currency bloc after a 0.7 percent decline was recorded in the fourth quarter of last year.

Top economist Katharina Utermohl, of Allianz, said: “It is look like a double-dip recession in the first quarter.”

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