Economic growth in eurozone to slow down this year: Eurogroup President

April 05, 2022: Eurogroup President Paschal Donohoe said on Monday that the finance ministers of the euro zone discussed the consequences of the Russia-Ukraine conflict on the euro area economy, and they saw significant challenges.

Addressing a news conference following a Eurogroup meeting in Luxemburg, Donohoe said the growth of European economies will slow down this year due to the conflict, although "we continue to see positive growth in 2022 for many economies."

The trade policy must therefore remain flexible, he added.

It was still too early to assess the effect of the conflict on the economy, European Commissioner for Economy Paolo Gentiloni said.

Gentiloni also said that he did not believe that EU economies would go into recession, thanks to a year of positive growth last year.

Asked about the possibility of a gas embargo on Russia, Gentiloni said that they know any sanctions would have impacts on the European economy, and if they want to use economic tools, they have to face the cost.

Xinhua/APP