S&P cuts euro zone growth forecast to 3.3%

S&P cuts euro zone growth forecast to 3.3% Credit rating agency SP Global cut its euro zone growth forecast for the year on Monday to 3.3% from 4.4% previously, saying higher energy prices caused by the Russia-Ukraine war would hit households’ spending power, Report informs, citing Reuters.
Finance
March 28, 2022 17:19
S&P cuts euro zone growth forecast to 3.3%

Credit rating agency S&P Global cut its euro zone growth forecast for the year on Monday to 3.3% from 4.4% previously, saying higher energy prices caused by the Russia-Ukraine war would hit households’ spending power, Report informs, citing Reuters.

“Thanks to a strong recovery momentum and sufficient cash buffers, we don’t expect a full-year recession but rather a drop in GDP growth to 3.3% this year versus 4.4% previously,” S&P said in a report.

It added that as close neighbours to Russia and Ukraine, European countries were among the most exposed to the crisis.

“Uncertainty surrounding our forecasts is higher than usual, with downside risks to growth for 2022 and upside risks for inflation this year and next.”

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