The effects of the Russian invasion of Ukraine and the impact of the pandemic on the world economy have forced the Commission to reconsider the growth prospects for the Eurozone economy, as it forecasts growth of 2.7% in 2022 compared to the 4% forecast in February and 2,3% in 2023 compared to 2.7% of winter economic forecasts.

At the same time, the European Commission estimates that inflation at the level of the Eurozone will reach the rate of 6.1% in 2022 and 2.7% in 2023, while in its previous forecasts it estimated the inflation rates at 3.5% and 1.7%, respectively.

For Greece, the Commission forecasts growth of 3.5% this year and 3.1% in 2023, while inflation is expected to peak in the second quarter of 2022 and remain high until 2023. Oil and gas prices are the main drivers of rising inflation, while rising core import costs, such as fertilisers and transport, affect food prices. Inflation is projected to reach 6.3% in 2022 and 1.9% in 2023.

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