Eurozone's economy could shrink nearly 13%

The euro area's economy could contract 12.6% this year in a "severe scenario," while a "mild scenario" foresees the Eurozone's gross domestic product falling 5.9% in 2020, said European Central Bank (ECB) President Christine Lagarde.

The Eurozone's economy is not expected to recover to pre-crisis levels by the end of 2020 in case of the worst scenario, she added.

In her speech at the inaugural session of the Italian National Consultation, Lagarde claimed that the post-crisis global economy could lean toward making supply chains more resilient in the manufacturing sector and shifting to more "distancing" via digitalization in the services sector.