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Is Europe’s Crisis Over?
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Is Europe’s Crisis Over?

Al-Ahram, Egypt, February 3

Economists generally agree that the economic crisis has been felt around the world but, lately, differences in opinion have emerged regarding Europe. Data and figures, free of political bias, have been used to assess the situation – and the discrepancies have been found to be minor, stemming from the availability and accuracy of data. The onset of the crisis has been marked by Russia’s escalation of conditions for selling gas, which Europe relies on heavily. This includes allocating gas only to countries not hostile to Russia, as well as using the ruble as a hindrance to the export of other Russian commodities, such as grains and materials for advanced industries. It was rational for economists to keep a close watch on the rising prices of staple commodities, such as grain and bread (20% increase), milk and eggs (27.8% increase), and oils (34% increase). In light of the West’s boycott of Russia, experts warned of a deepening crisis and potential protests from the European public. As the situation evolves, different voices are starting to emerge. It is now being suggested that the situation is not as dire as was previously thought and that we are now in a period of slight deflation rather than deep recession. Internal and external sentiment indicators suggest that the peak of inflation has passed and the outlook is more positive than six months ago, when it was expected that a deep economic recession would result in power outages. Now, it is anticipated that the contraction period will be much shorter, followed by a stage of slow economic growth. —Ahmed Abdel-Tawwab (translated by Asaf Zilberfarb)

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