Russia’s war in Ukraine is expected to wreak havoc with the European Union’s economic recovery
The Euro sculpture stands in front of the former European Central Bank in Frankfurt, Germany, Wednesday, July 13, 2022. The euro on Tuesday fell to parity with the dollar for the first time in nearly 20 years. — for the foreseeable future with lower annual growth and record-high inflation, the bloc’s economic forecast showed Thursday.
“Russia’s war against Ukraine continues to cast a long shadow over Europe and our economy,” said EU Vice President Valdis Dombrovskis.The war has led to surging energy and food prices that are driving a galloping inflation rate and weighing on economic growth and consumer confidence.
“Risks to the forecast for economic activity and inflation are heavily dependent on the evolution of the war and in particular its implications for gas supply to Europe,” an EU statement said.Higher energy prices and record inflation are largely to blame for another tough economic sign: the euro hovering near parity with the dollar after dropping to its lowest level in 20 years.
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