The economist from Egypt, Mustafa Abdel Salam, commented on the state of the economy in Europe, stating that “the worst is yet to come, despite the tremendous events the continent has already seen.
In a conversation with RT, Abdel Salam said that in addition to “the panic that accompanied four leaks in the Russian gas pipeline to Europe, the continent is preparing for a disruption in the communication network and the suspension of mobile phones, with the possibility of an electricity crisis in the winter, and European factories also face the risk of paralysis of production due to the lack of energy and crazy prices, while the business sector is crying out, and t
In his words, “inflation is bringing the far right back to power in Europe and threatening the return of populism, especially with the erosion of the middle class and declining incomes, chaos in the British financial markets with the continued slide in the value of the pound, and prices in stores setting a new record high during the month of September, which increases the problems of consumers who are already struggling.
“French unions are starting to strike to seek an increase in salaries,” he noted, “from the rise in energy and housing prices.. and other protests that lead to a drop in electricity production. Energy prices are rising in the European region, and Germany is also seeing an acceleration in inflation, which reached 10% in September, its highest level ever.
The governments of the continent’s nations, he said, “did not stand impotent in the face of all these recent developments, as they responded rapidly to handle the situation. This is new in the topic. For instance, Germany provided 200 billion euros to help people pay some of their electricity and energy costs and lessen their burden.
Before that, 500 billion dollars were set aside to assist families deal with the crisis of rising fuel prices, such as those for electricity and heating gas. The countries of the continent then enacted a rescue plan in the amount of 314 billion dollars to resolve the gas crisis in Europe.
Cairo native Nasser Hatem
Author: RT.
An economist for RT comments on the state of the economy in Europe: “The next is worse.”
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