Guardian: Experts Warn of Recession in Europe Amid Fears of Possible Cuts to Russian Gas Supplies

The British Guardian newspaper reported today that economists have warned that Europe increasingly faces the risk of recession due to high oil and gas prices, amid fears that Russia will cut off supplies completely.

Nomura Bank, a Japanese investment bank with large operations in London, stated that the European economy will be affected by a variety of factors, including lower demand in the United States OF America (USA) - Europe's largest export market - and the continuing fallout from the Russia-Ukraine crisis, and related price increases in food and energy costs.

Nomura experts expected that the European economy will begin to contract during the second half of 2022 and that the recession will continue until the summer of 2023, with a total drop of 1.7 percent of GDP.