Incorporating impact of Ukraine war, EC revises growth forecast down to 3.5 pct

EconomyMacroeconomy Tags: Debt, EC, GDP
Photo by EC - Audiovisual Service
Photo by EC - Audiovisual Service

In its spring forecasts, published on Monday, the European Commission incorporated the impact of the conflict in Ukraine on the growth outlook for the eurozone, with the Greek growth rate for this year now revised down to 3.5 pct, from the 4.9 pct included in the winter forecast published in February.

Although the inflationary pressures will weigh on real disposable income for households, the full recovery of tourism will offset this impact, leading to more subdued but solid growth in 2022.

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