War to slash GDP, push inflation up – EU
Russia’s invasion of Ukraine and the resulting surge in energy and commodity prices will slash euro zone economic growth this year and next, while boosting inflation to record levels, the European Commission forecast on Monday. The Commission cut its growth forecast for the 19 countries sharing the euro to 2.7% this year from 4.0% predicted only in February, shortly before the war in Ukraine started. Growth is to slow to 2.3% next year, also below the 2.7% seen before. The forecast is the first comprehensive estimate of the economic cost of the war in Ukraine for the 19 countries sharing the euro and the wider 27 nation EU.
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