EU cuts forecasts for economic growth as fallout from war in Ukraine widens

A car stops at a petrol station in Marseille, southern France (Jean-Francois Badias/AP)

The European Union 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 (GDP) will expand 2.7% this year and 2.3% in 2023, the bloc’s executive arm said on Monday – its first economic predictions since Russia invaded Ukraine on February 24.