EU cuts 2023 growth view to 0.3%, sees inflation at 6.1% on Ukraine war fallout
The European Commission lowered 2023 growth expectations for the eurozone economy and raised inflation forecasts on Friday, with Russia’s invasion of Ukraine denting global demand and reinforcing inflationary pressures.
However, in the second half of 2022, the eurozone economy entered a more challenging phase. Elevated uncertainty stemming from the Russia-Ukraine conflict, high energy prices, the erosion of households’ purchasing power, a weaker external environment and tighter financing conditions are expected to tip the eurozone economy into recession in the fourth quarter, the report said.
Higher-than-expected inflation readings throughout the first 10 months of 2022 and broadening price pressures are expected to have moved the inflation peak to year-end, the European Commission said in its Autumn Economic Forecasts. According to the preliminary estimate, headline inflation in the eurozone surged to 10.7% in September, the highest rate in the history of the monetary union.
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