September 12, 2019 / 12:51 PM / 3 months ago

ECB cuts inflation and growth forecasts

FRANKFURT (Reuters) - The European Central Bank cut inflation forecasts for the next three years and its growth projections for 2019 and 2020 on Thursday, providing a key justification for a fresh stimulus package announced earlier in the day.

ECB President Mario Draghi told a news conference that risks to the euro area economy remain tilted to the downside, due to geopolitical uncertainty, the rising threat of protectionism and vulnerabilities in emerging markets.

With a global trade war weighing on confidence, industrial production and exports have already taken a dip, exacerbated by a string of domestic difficulties, from German industry’s struggles to a slowdown in employment growth and waning confidence.

The following are the ECB staff’s new projections for inflation and GDP growth, with June forecasts in brackets.

The ECB updates projections once a quarter.

Reporting by Balazs Koranyi; Editing by Catherine Evans

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