Due to the high economic uncertainty caused by Russia’s invasion of Ukraine, the European Commission significantly lowered, on Monday 16 May, its growth forecasts for both the euro area and the European Union from 4.0 to 2.7% of GDP in 2022 compared to the winter economic forecasts presented in February before the outbreak of the war (see EUROPE B12888A5).
For 2022, this revision of 1.3% percentage points is “one of the steepest between forecasts downgrades of recent years”, noted the...