The European Central Bank (ECB) revised its inflation estimate upwards and cut its growth estimate for the eurozone in the years 2022 and 2023, as a result of the war in Ukraine that will “continue to affect the economy”.
The ECB now expects a inflation from 6.8% in 2022, which would then slow down to 3.5% in 2023 and 2.1% in 2024, always above its 2% annual target. The GDP growth it would be 2.8% in 2022 and 2.1% in 2023, according to new projections published in a statement at the end of a meeting of the institution on monetary policy.
