European Union Economic Affairs Commissioner Paolo Gentiloni warned today that Russia’s action in Ukraine would “strongly” increase uncertainty over the economic situation in Europe.
“Violation of international law through Russia’s recognition of two regions that have seceded from Ukraine will lead to a sharp increase in this uncertainty,” the commissioner said in a teleconference speech.
On 10 February, the Commission had slightly revised its 2022 growth forecasts for Europe and its 2023 forecasts.
For the eurozone, it expected GDP growth of 4% this year and 2.7% next year, up from 4.3% and 2.4% respectively until then.
However, Paolo Gentiloni had already warned that the uncertainty was “increased” mainly due to tensions with Russia.
Source: AMPE
Source: Capital
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