China News Service, May 16. According to Agence France-Presse, on the 16th local time, the European Commission significantly lowered its 2022 euro zone economic growth forecast to 2.7% from 4% in February, attributing it to the conflict between Russia and Ukraine. resulting in soaring energy prices.
According to reports, the European Commission also expects that the inflation rate in the euro zone will be as high as 6.1% in 2022, which is also much higher than the previous forecast of 3.5%.
European Commission executive vice-president Valdis Dombrovskis said a surge in energy prices had pushed inflation to a record high, putting pressure on European businesses and households.
The European Commission also warned that if Russia, the EU's main energy supplier, completely cuts off oil and gas supplies to Europe, the situation will be worse than expected.
In addition, the European Central Bank sharply raised its inflation forecast in the euro zone to 5.1% in 2022, 2.1% in 2023 and 1.9% in 2024, and lowered its forecast for economic growth in the euro zone to 3.7% in 2022, and the next two years. Growth is expected to be 2.8% and 1.6%, respectively.