U.S. economy to slow, Europe risks recession and Russia to suffer double-digit decline

A Lukoil gas station attendant pumps gas in a customer’s car on March 04, 2022 in the Canarsie neighborhood of Brooklyn in New York City.

Michael M. Santiago | Getty Images

In a first pass at gauging the economic impact from the Ukraine invasion, forecasters say the U.S. will grow more slowly with higher inflation, Europe’s economy will flirt near recession and Russia will plunge into a deep, double-digit decline.

The CNBC Rapid Update, the average of 14 forecasts for the U.S. economy, sees GDP rising by 3.2% this year, a modest 0.3% markdown from the February forecast, but still above-trend growth as the US continues to bounce back from the Omicron slowdown. Inflation for personal consumption expenditures, the Fed’s preferred indicator, is seen rising by 4.3% this year, 0.7 percentage points higher than the prior survey in February.

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Forecasters cautioned, however, that much remains unknown about how the U.S. economy…

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