UPDATE 1-EU’s unprecedented recovery fund has spurred growth

The European Union's economy is stronger as a result of the recovery fund, set up to drive post-pandemic growth, which has boosted jobs, investment and offset some of the impact of the Ukraine war, the European Commission said on Thursday. Officially known as the Recovery and Resilience Facility (RRF), the 723 billion euro ($780.84 billion) fund, launched in 2021 for a six-year period has so far disbursed 225 billion euros. The Commission said EU GDP was 0.4% higher in 2022, when it grew 3.4%, than it would have been without the scheme and that by the end of 2026, when the scheme ends, it will have boosted EU GDP by 1.4%.