Panel joins several other forecasters in revising downward its outlook for Europe's biggest economy
The central bank warned that borrowing costs will likely stay elevated for some time
The result came amid higher prices and interest rates
But prices continue to rise faster than is consistent with the Fed's 2% target
Revises April forecast, when it predicted 0.4% growth
Higher borrowing costs could lead Federal Reserve to forgo another hike
The firm said chairman Hui Ka Yan was subjected to ``mandatory measures in accordance with the law due to suspicion of illegal crimes"
Labour market continues to show strength in the face of elevated interest rates
The U.K. central bank kept its interest rate unchanged at a 15-year high of 5.25%
The country is one of the fastest growing economies of the world