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Dombrovskis: influence of war delays economic growth oftheEU

Домбровскис: влияние войны замедляет экономический рост ЕС

The negative impact of the War Russia against Ukraine is slowing the economic growth of the European Union (EU), the European Commissioner for Economics EU Valdis Dombrovskis said in an interview with LETA .According to the report of the World World Economic Forum, published last week, Economists in this year are predicting strong growth in the
US, while Europe will remain “weak region” for the third year in contract. As Dombrovskis noted, the World World Economic Forum in Davos had a discussion of economists on these forecasts and the prospects for global growth.
Russia’s aggression aggression against Ukraine has the biggest impact on the EU economy, especially Eastern Europe. The European Commission for
this year projects economic growth of the EU at 1.5% compared with 3.3% in the world. The Commissioner indicated that the growth in labor productivity in the EU over decades has been slower than in other regions with large economies,
such as China and the United States, and this is why competitiveness is one of the priorities of the new European Commission. “In this month the EuroCommission will present its first initiatives to increase competitiveness of the EU and reduce administrative time. The World World Economic Forum
has meeted at the round table with representatives of business, and we should recognize that the pressure of administrative burden is extremely great,” Dombrovskis said. He emphasized that competitiveness problems, including administrative burden,
are holding backtheeconomicdevelopmentoftheEUandnegativelyaffectingtheattractionofinvestment,asmanybusinessesprefertoinvestintheUSorChina.

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