European Commission lowers growth outlook and says economy has lost momentum during a difficult year

The European Union’s executive commission has lowered its growth forecast for this year and next, saying the economy “has lost momentum” in 2023 as inflation weights on consumer spending and higher central bank interest rates deter borrowing for purchases and investment. The outlook for this year was lowered to 0.6% from 0.8% for the 20 countries that use the euro currency, and to 1.2% from 1.3% for next year, the commission said Wednesday in its autumn economic forecast, which revised figures from its previous forecast in September.