ECB Says Eurozone Economy Showing 'More Protracted Weakness'


ECB chief Mario Draghi gave a gloomy assessment of the eurozone economic outlook as the bank slashed growth forecasts for 2019 and 2020, saying that a "more protracted weakness" of the single currency area is expected ahead.

"Incoming information indicates a more protracted weakness of the eurozone area economy, the persistence of prominent downside risks and muted inflationary pressure," said Draghi.

"Continuing weakness of international trade in an environment of prolonged global uncertainties" is particularly hurting the eurozone's manufacturing sector, he added.

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