The European Central Bank (ECB) slashed its growth forecasts for the euro zone amid rising risks.
The euro sank against the dollar after the European Central Bank slashed its growth forecasts for the euro zone amid rising risks.
div > div.group > p:first-child"> The central bank slashed its growth forecast for 2019 to 1.1 percent from an earlier forecast of 1.7 percent that it made in December last year. ECB President Mario Draghi said Thursday that there has been a"sizable moderation in economic expansion that will extend into the current year.""The persistence of uncertainties related to geopolitical factors, the threat of protectionism and vulnerabilities in emerging markets appears to be leaving marks on economic sentiment," Draghi told reporters.
The ECB also lowered its inflation forecasts, given the worsening economic conditions. Annual inflation is set to hit 1.2 percent this year. The December forecasts point to a headline inflation target of 1.6 percent this year.
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