In Europe, recession now seems imminent.
The International Monetary Fund has said Germany and Italy are certainly going into a recession. These are among Europe’s largest economic drivers. Their fall will trigger the slippage of other countries into de-growth as well.
At the core of Europe’s economic miseries is an intense energy crisis that countries are finding impossible to surmount. That’s because Russia has played a pivotal role in supplying energy to Europe for many years.
Now, the European Union has chosen to put an end to that dependence, without figuring out a real way of replacing Russian supplies with those sourced from others. Russia, on its part, has stopped supplying significant amounts of energy to Europe. That’s proving to be a perfect cocktail for disaster.
Watch to know more.
Source: First Post, 14 Oct 2022.