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European Central Bank President Christine Lagarde looks on during a debate on the 2018 annual report of the ECB at the European Parliament in Strasbourg, France, on Feb. 11, 2020.

Vincent Kessler/Reuters

The euro zone economy is likely to shrink between 8 per cent and 12 per cent 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between 5 per cent and 12 per cent, but speaking in a youth dialogue, Lagarde said that the “mild” scenario is already outdated and the actual outcome would be between the “medium and “severe” scenarios.

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