The European Commission now predicts economic growth of 2.6% and inflation of 7.6% for the eurozone in 2022.
BRUSSELS, Belgium – The European Commission cut its forecasts for economic growth in the eurozone for this year and next and revised up its estimates for inflation on Thursday, July 14, largely due to the impact of theIn its quarterly forecasts, Brussels confirmed its more downbeat outlook, which it had already discussed with eurozone finance ministers on Monday, July 11.
“A storm is possible, but we are not there at the moment,” EU Commissioner for Economy Paolo Gentiloni said, noting thatwas a major concern largely for developing economies, rather than for the eurozone, because the euro was appreciating against other major currencies. In May, the commission had forecast prices in the eurozone would rise 6.1% this year and 2.7% in 2023.Russia cutting off suppliesRisks to the outlook from a resurgence of the COVID-19 pandemic could also not be ruled out, the commission said.
France is expected to grow by 2.4% this year, instead of the previously forecast 3.1%. Next year, growth is estimated to slow further to 1.4%, against 1.8% predicted in May.
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