The European Union's executive commission cut its growth outlook and predicted higher inflation due to sharply higher energy prices from the war in Iran — but said the economy will avoid an outright recession.
“As a net energy importer, the EU’s economy is highly susceptible to the energy shock caused by the conflict in the Middle East,” the commission said in a statement Thursday. The rising cost of fuel "means higher household bills and surging business costs that reduce profits for many industries.”
