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, Feb 11, 2020. (Photo: Agencies)

FRANKFURT - The European Central Bank (ECB) President Christine Lagarde said Wednesday that the 19-member euro area economy is likely to contract between 8 percent and 12 percent this year, noting that a previous "mild scenario" estimate of a 5-percent decline is probably outdated.

"It is very likely that the mild scenario is out of date," Lagarde said during an ECB online event. "It's very likely that we are somewhere between the medium and severe scenarios."

In April, ECB estimated that the euro area GDP could fall by between 5 percent and 12 percent in 2020 due to the coronavirus pandemic, with the medium scenario being an 8-percent contraction, depending on the duration of containment measures and the effectiveness of policies to mitigate the shock.

Lagarde added that the central bank will soon publish a fresh forecast in early June.