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.
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