EU commission's gloomy economic forecast for Europe amid Ukraine war
Jerome Hughes
Press TV, Brussels
The European Commission has presented a gloomy economic forecast for the 27-nation bloc, as Western sanctions imposed on Russia continue to exacerbate the cost of living crisis for millions of Europeans. Press TV's Jerome Hughes reports from Brussels.
The EU's tourism industry is currently thriving, but businesses are facing huge overheads and struggling to make a profit. In its Summer Economic Forecast, the European Commission has revised growth downwards and inflation upwards. The bloc is concerned Russia is going to turn off all its gas supplies.
For millions, the storm is already here. Governments are accused of not providing support to deal with the cost of living crisis, arising from sanctions against Russia, but can find the money for other causes.
The EU is providing €9bn to Ukraine to run the country and has sent a separate €2bn for military equipment.
This is in addition to the huge money being spent on Ukraine by individual member states, most of whom are in NATO where military spending is also increasing.
Not to mention, the EU is also developing its own army.
Citizens say fueling the Ukraine war is costing the EU too much.
The head of NATO, Jens Stoltenberg, has faced pressure during a visit to the European Parliament.
Experts warn the growing social crisis in the EU will have dire consequences for the political bloc.
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