Russia's war in Ukraine has severely undermined the European Union's (EU) economic recovery from the Covid-19 pandemic, also triggering record-high inflation, according to the European Commission's (EC) latest economic forecasts.
The EC forecasts predict that economic growth will be significantly lower than previously estimated both this year and next. Meanwhile, inflation is expected to fall by the end of the year and be much more moderate next year. In Latvia, the fastest economic growth among the Baltic states is projected for this year. (...)