Eurozone: Brussels lowers its growth and inflation forecasts due to the war in Ukraine

The European Commission on Thursday lowered its growth forecasts for the euro zone for 2022 and 2023, to 2.6% and 1.4% respectively, compared to 2.7% and 2.3% forecast so far, due to to the growing impact of the war in Ukraine.

Inflation has been pushed to record highs, due to the Russian offensive and the Western sanctions it has brought about. Brussels raised its forecast for consumer price inflation to 7.6% in 2022 and 4% in 2023, from 6.1% and 2.7% previously.

The Commission warns that the situation could worsen further if Moscow cuts off gas supplies.

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