[Ticker] EU cuts eurozone growth forecasts

EU Reporter

The European Commission cut its 2022 forecast for eurozone growth largely due to Russia’s war in Ukraine. It now predicts growth of 2.6 percent this year for the 19-country currency area. This is slightly less than the 2.7 percent it had forecast in May. Inflation is also revising upwards and is projected to peak at a new record high of 8.4 percent in the third quarter of 2022.