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Council, Charles Michel, became acquainted with the current situation in the port of Odesa and discussed steps to solve the problem of exporting Ukrainian agricultural products. The world is already feeling the effects of Russia's war on global food security, as shipping in the Black Sea has been suspended since February 24. Currently, almost 70 vessels are blocked in the seaports of Ukraine, including 10 in the port of Odesa. As a result, about 90 million tons of agricultural products that Ukraine planned to supply to Africa, Asia, and Europe have been blocked. According to Shmyhal, some supplies were transported by road and rail, while others were under shelling or seized by the Russian military. The head of government stressed that Ukraine loses $170M every day due to blocked seaports, and that the country's export potential has fallen by more than half.
3.2 Macro outlook
The EU commission downgrades GDP and inflation forecasts. The European Commission has downgraded its economic growth forecasts for the EU and the eurozone to 2.7% over the next two years. Inflation in 2022 is projected at 6.1% in the euro area and 6.8% in the EU. At the same time, according to forecasts, the GDP of the European Union and the eurozone will grow by only 2.7% in 2022. The forecast for GDP growth in 2023 has also been lowered: it is expected to be 2.3% against 2.8% in the EU.
The growth of the world economy in this and following years is anticipated by the European Commission at 3.2% and 3.5%, respectively, against 4.2% and 3.8%, which were projected earlier. The European Commission emphasises that energy prices are a significant blow to the world as well as the EU’s economies. Problems are also exacerbated by supply chain disruptions caused by Russia's war in Ukraine.
17 UKRAINE Country Report XXXX 2018 www.intellinews.com