EU Cuts Forecasts For Economic Growth In 2022 And 2023

The European Commission published its Spring 2022 Economic Forecast on May 16, and declared to slash its forecasts for EU economic growth in 2022 and 2023 due to the impact of the Russia-Ukraine conflict.

According to the report, the EU economic growth is expected at 2.7% in 2022 and 2.3% in 2023, down from 4.0% and 2.8% respectively in the Winter 2022 Interim Forecast this February.