Brussels, The European Union (EU) has slashed its forecasts for economic growth in the 27-nation bloc amid the prospect of a drawn-out Russian war in Ukraine and disruptions to energy supplies.

The EU’s gross domestic product will expand 2.7% this year and 2.3% in 2023, the bloc’s executive arm said today — its first economic predictions since Russia invaded Ukraine on 24 February 2022.

The European Commission’s previous outlook expected growth of 4% this year and 2.8% in 2023. The EU economy expanded 5.4% last year following a deep recession prompted by the Covid-19 pandemic. GDP shrank 5.9% in 2020.

Source: Oman News Agency