| Author (Corporate) | European Commission: DG Economic and Financial Affairs |
|---|---|
| Publisher | Publications Office of the European Union |
| Series Title | European Economy: Institutional Papers |
| Series Details | Number 173 |
| Publication Date | May 2022 |
| ISBN | 978-92-76-43942-4 |
| ISSN | 2443-8014 |
| EC | KC-BC-22-010-EN-N |
| Content Type | News, Report |
|
Summary: The European Commission published on 16 May 2022 its Spring economic forecast for the European Union (EU) and the Eurozone. Further information: The Spring 2022 Economic Forecast revises the European Union's growth outlook downwards and the forecast for inflation upwards on the back of the impact of Russia’s invasion of Ukraine on the European economy. The outlook for the EU economy before the outbreak of the war was for a prolonged and robust expansion. But Russia’s invasion of Ukraine introduced new challenges, just as the EU had recovered from the economic impacts of the COVID-19 (coronavirus) pandemic. By exerting further upward pressures on commodity prices, causing renewed supply disruptions and increasing uncertainty, the war exacerbates pre-existing headwinds to growth, which were previously expected to subside. This has led the European Commission to revise the EU’s growth outlook downwards, and the forecast for inflation upwards. Real GDP growth in both the EU and the Euro Area was expected at 2.7% in 2022 and 2.3% in 2023, down from 4.0% and 2.8% (2.7% in the euro area), respectively, in the previous forecast. |
|
| Source Link |
Link to Main Source
https://ec.europa.eu/info/publications/european-economic-forecast-spring-2022_en
Alternative sources
|
| Related Links |
|
| Subject Categories | Economic and Financial Affairs |
| Subject Tags | Economic Governance | Situation |
| International Organisations | European Union [EU] |
