The European Central Bank on Thursday significantly lifted its eurozone growth forecasts for the coming years, as well as unveiling its first estimate for 2020.

The Frankfurt institution now expects growth of 2.4 percent in 2017, 2.3 percent in 2018 and 1.9 percent in 2019. 

In its previous projections back in September, the bank had predicted growth of 2.2, 1.8 and 1.7 percent respectively.

For 2020, the ECB is pencilling in growth of 1.7 percent.