Euro zone economy to shrink between 8% and 12% in 2020 - Lagarde

The euro zone economy is likely to shrink between 8% and 12% this year as it struggles to overcome the impact of the coronavirus pandemic, European Central Bank President Christine Lagarde said on Wednesday.

The ECB earlier said the economy could shrink by between 5% and 12%, but speaking in a youth dialogue, Lagarde said that the "mild" scenario is already outdated and the actual outcome would be between the "medium and "severe" scenarios.