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EU cuts forecast for economic growth as war’s fallout widens

BRUSSELS (AP) — The European Union has slashed its forecasts for economic growth in the 27-nation bloc amid the prospect of a drawn-out Russian war in Ukraine and disruptions to energy supplies. The EU’s executive arm said Monday that gross domestic product will expand 2.7% this year and 2.3% in 2023. It’s the European Commission’s first economic predictions since Russia invaded Ukraine in February. The previous outlook, expected growth of 4% this year and 2.8% in 2023. The war suddenly darkened what was a generally bright economic picture for the EU. Early this year, European policymakers were counting on solid, if weaker, growth while grappling with surging inflation triggered by a global energy squeeze.

Associated Press

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