Eurozone economic growth expected to slow this year: Eurogroup chairman – Xinhua

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Eurogroup President Paschal Donohoe chairs a Eurogroup meeting in Brussels, Belgium, March 14, 2022. (Xinhua/Zheng Huansong)

The growth of European economies will slow this year due to the Russian-Ukrainian conflict, although “we continue to see positive growth in 2022 for many economies”, Eurogroup President Paschal Donohoe said.

BRUSSELS, April 5 (Xinhua) — Eurogroup President Paschal Donohoe said on Monday that euro zone finance ministers discussed the consequences of the Russian-Ukrainian conflict on the euro zone economy and that they saw significant challenges.

Addressing a press conference following a Eurogroup meeting in Luxembourg, Donohoe said the growth of European economies will slow this year due to the conflict, although “we continue to see positive growth in 2022 for many economies”.

Trade policy must therefore remain flexible, he added.

It is still too early to assess the effect of the conflict on the economy, said EU Economics Commissioner Paolo Gentiloni.

Gentiloni also said he did not believe EU economies would slip into recession, thanks to a year of positive growth last year.

Asked about the possibility of a gas embargo against Russia, Gentiloni said that they know that any sanctions will have impacts on the European economy, and if they want to use economic tools, they must bear the cost. .

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