The firm is slashing its 2022 GDP growth forecast for the Eurozone to 2.2%, down from 3.3% previously. As for 2023, the GDP growth forecast is cut to 2.6% from 2.8% previously. Noting that:

"The latest geopolitical events will likely reduce Eurozone exports, depress household real incomes, weigh on confidence and thus on business investment, disrupt production processes. In the medium-term, the re-routing of supply chains away from Russia would add to the pandemic shock.. and potentially lead to supply displacement and rising prices for several years."