European Commission Downgrades Eurozone GDP Growth Forecast for 2022 to 2.7 per cent: Report

ANI
16 May 2022, 16:25 GMT+10

Moscow [Russia], May 16 (ANI/Sputnik): The European Commission has lowered the Eurozone's GDP projection for 2022 to 2.7 per cent from 4 per cent, according to the EU body's fresh report released on Monday.

"Real GDP growth in both the EU and the euro area is now expected at 2.7 per cent in 2022 and 2.3 per cent in 2023, down from 4.0 per cent and 2.8 per cent (2.7per cent in the euro area), respectively, in the Winter 2022 interim Forecast," the report read.

The annual inflation in the eurozone is projected at 6.1per cent in 2022 and at 2.7 per cent in 2023, the report said, adding that for the EU, inflation is expected to pick up from 2.9per cent in 2021 to 6.8per cent in 2022, and back to 3.2per cent in 2023.

The EU commission also downgraded its world GDP growth forecast for this year from 5.7 per cent to 3.2per cent, the report added. (ANI/Sputnik)

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