EU Cuts Euro Zone Growth Forecasts, Revises up Inflation Outlook

European Union flags flutter outside the EU Commission headquarters in Brussels on June 17, 2022. Yves Herman/Reuters

BRUSSELS—The European Commission cut its forecasts for economic growth in the euro zone for this year and next and revised up its estimates for inflation on Thursday largely due to the impact of the war in Ukraine.

In its quarterly forecasts, Brussels confirmed its more downbeat outlook, which it had already discussed with euro zone finance ministers on Monday.