Entering 2022, the economies of the European Union were generally on the right track but were anything but booming. In the final quarter of 2021, about half of EU countries saw economic growth ranging from negligible to under 1.5 percent. Now, even this seems a thing of the past – at least for the next few quarters. With the start of the Russo-Ukrainian war in late February, it’s likely that the figures for the first quarter of this year will drop significantly due to sanctions against Russia, high energy prices and shortages of various inputs across industry.
Europe’s Recovery Will Have to Wait
The war is a serious setback for Europe's economic recovery.