Brussels lowers forecasts for the European economy due to the Iran war but Spain avoids the blow
The war in Iran and the energy crisis resulting from the closure of the Strait of Hormuz are already being felt in the pockets of European citizens. The European Commission has lowered the economic forecasts for the eurozone this spring by three tenths, from 2.3% to 0.9% for this year, while inflation rises from 1.9% to 3% due to high fuel prices. This is something that the Economy Commissioner, Valdis Dombrovskis, had already been warning about: the risk of a “stagflation” scenario, with low growth and high inflation, with consumer prices through the roof.