(Bloomberg) -- The European Central Bank unveiled a huge downgrade to its 2019 GDP forecast on Thursday, lowering the prediction to 1.1 percent from 1.7 percent. That matched a cut four years ago, when the ECB was preparing to launch its bond-buying program, and was the biggest since 2013, during the euro-area sovereign debt turmoil. But it pales in comparison to the cuts of more than 2 percentage points during the financial crisis a decade ago.
--With assistance from Piotr Skolimowski.
To contact the reporter on this story: Fergal O'Brien in Zurich at fobrien@bloomberg.net
To contact the editors responsible for this story: Craig Stirling at cstirling1@bloomberg.net, Zoe Schneeweiss
©2019 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
