European Commission downgrades growth prospects from 4% to 2.7%, while economy slows rapidly in China
The growth prospects for the EU have been revised sharply downwards after Russia’s invasion of Ukraine put paid to hopes of a strong and sustained recovery from Covid-19 over the next two years.
Rocketing energy prices as a result of the conflict have pushed up inflation and increased economic headwinds during a period when they were expected to subside, the European Commission said in its latest forecasts.
(SOURCE) https://www.theguardian.com/world/2022/may/16/eu-growth-forecast-cut-inflation-ukraine-war-please