Europe has fallen into recession..? Russia's game start..?

The fact that the world's leading economic countries are entering a recession is a big shock. Especially europe, which is fighting for crude oil with Russia, has announced that it is currently going into recession. The international investment market has been recording strong growth for the past few days as Jerome Powell announced that the US Federal Reserve bank will slow the pace of interest rate hikes due to positive inflation and employment data. In this situation, the fact that the european union as a whole is going into recession is a big shock. In the european union as a whole, business activity has slowed for the fifth straight month since November. Due to increased inflation in european countries and a reduction in people's spending, it has been reported that trade in the region has fallen and is currently in a mild recession. The S&P Global Final Composite PMI Index (Purchasing Managers' Index) for european countries has announced 47.8 points this November. It is noteworthy that in october it was at a 23-month low with 47.3 points.This PMI index usually means that if it is more than 50 points, it is on the growth track, if it is below 50 points, it means that the business and the economy are in decline. The PMI index level of the european union has been below 50 points for 5 consecutive months, so it is on the verge of being pushed into recession, according to the chief business economist of S&P Global Market Intelligence. According to expert chris Williamson. It is in this situation that Ukraine's supporting countries such as Australia, Britain, Canada, Japan, the United States, and the 27-nation european union have set the price of Russian crude oil at $60 per barrel. Priced as Russia, which strongly opposed this, has announced that it will no longer be able to sell even a drop of crude oil to european countries.Along with this, it has issued a warning that the crude oil supply will be cut immediately to the countries that accept this price. As a result, the european economy and trade are all likely to fall in a big way in the next few months, the main reason for this is that europe cannot function without Russia's oil and gas.

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russia game begins

Sowmiya Sriram

06/12/2022 12:41 PM