The European Central Bank on Thursday cut its growth and inflation forecasts for the eurozone, noting the deteriorating economic outlook and price drops, its president Mario Draghi said. The ECB now expects gross domestic product (GDP) to expand by 0.8% this year, 1.0% next year and 1.5% in 2016, against previous estimates of 0.9%, 1.6% and 1.9% respectively, AFP reported. Inflation is expected to slow to 0.5% in 2014, 0.7% in 2015 and 1.3% in 2016, and could slow further due to the recent decline in oil prices, warned Draghi.
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