BRUSSELS — Russia’s war in Ukraine is anticipated to wreak havoc with the European Union’s financial healing for the foreseeable future with lower yearly development and record-high inflation, the bloc’s financial projection revealed Thursday.
The summerseason figures for the 19-nation eurozone set inflation to reach an average of 7.6% this year, a significant boost from its earlier expectation of 6.1%. Last month, customer costs rose 8.6% from a year earlier. Expectations for financial development moved by 0.1 point to 2.6% for the year, a huge drop from last year’s growth of 5.3%.
“Russia’s war versus Ukraine continues to cast a long shadow over Europe and our economy,” stated EU Vice President Valdis Dombrovskis.
The war has led to rising energy and food costs that are driving a galloping inflation rate and weighing