Economic headwinds as a result of the Ukrainian conflict could result in a recession in Europe, warns the US treasury secretary Janet Yellen
Europe is more likely to head into a recession than the US warns the US treasury secretary Janet Yellen.
The risk for Europe, however, was higher, she said following Russia's military operations in Ukraine. Europe is "more vulnerable and of course more exposed on the energy front" as prices rise following the Russian invasion of Ukraine, she said.The continent is highly reliant on Russian energy imports for its energy needs, with any disruption to supplies of oil and natural gas threatening stoppages for industry.
The rise has been even steeper in the US, with consumer prices at an 8.3-percent rate in April despite greater energy independence.
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