The eurozone economy is expected to contract by 11% this year, more than double the previous estimate of 5%, according to Morgan Stanley’s latest forecast, as localization lasts longer and the economy suffers harder than expected. According to the Financial Times, economists emphasize that recovery will be more gradual than previously expected, as European countries slowly lift restrictions. Investments and consumption are likely to take time before they recover, leading to a ‘deeper initial decline.’ Morgan Stanley has the most pessimistic view of the eurozone economy among Wall Street banks: JPMorgan forecasts a decline of 9%, while UBS suggests 4.5%.