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Italy and Spain are the two European countries that will suffer the greatest economic repercussions due to the energy shock triggered by the war in Ukraine. This is stated by JPMorgan which has sharply cut its forecasts for 2022 for Italy’s economic growth, bringing them to 2.5% from 4.8%. The estimate of Spain’s GDP, on the other hand, goes from + 6% to + 4.2%. “Our reviews of Italy and Spain have been deeper than the other large euro area economies, reflecting a relatively broader energy and inflationary shock,” explains JPM which calculates how higher energy costs add up to an income shock of nearly 2.5% of the two countries’ GDP.