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Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

Eurozone economy set to shrink in 2023 due to high inflation: Reports

  • By Al Mayadeen English
  • Source: Agencies
  • 1 Jan 2023 16:57
2 Min Read

Economists warn that next winter will be even more challenging for the Eurozone economy.

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  • the Eurozone economy is set to shrink this year due to high inflation and potential energy shortages (Getty Images)
    The Eurozone economy is set to shrink this year due to high inflation and potential energy shortages. (Getty Images)

Europe is trying to tackle dwindling fuel supplies from Russia, caused by Western countries' tight anti-Russia sanctions that were imposed over the start of the war in Ukraine in late February.

The Financial Times cited economists who warned that the Eurozone economy is set to shrink this year due to high inflation and potential energy shortages.

The economists indicated that the single currency zone was already in recession, with the gross domestic product expected to contract over the whole of next year.

Chiara Zangarelli, an economist at Morgan Stanley, indicated that "gas markets in Europe remain a key risk," warning that "additional supply disruptions, or a particularly cold winter, could lead to renewed tensions and prices rising again, forcing another round of adaptation and demand destruction."

Despite EU members managing to lower their dependence on Russian gas imports by turning to the United States and Norway, as well as shifting to alternative energy sources, economists have warned that without Russian supplies, it will be much harder to refill Europe’s gas storage facilities ahead of next winter.

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On his part, Carsten Brzeski, head of macro research at ING Bank, warned that "gas storage levels are dropping quickly now," adding that "there is still the risk of an energy supply crisis this winter."

According to Brzeski, "Next winter will be even more challenging."

This comes a few weeks after Bloomberg reported that Europe "got hit by roughly $1 trillion from surging energy costs" amid the fallout of the war in Ukraine, warning that "the deepest crisis in decades is only getting started."

Shortly after the start of the war in Ukraine, the West imposed on Russia packages of severe sanctions. In December, the EU also joined the G7 to set a price cap on Russian oil at $60 per barrel and rolled out its ninth anti-Russia sanctions package.

The restrictions disrupted supply chains worldwide and exacerbated ongoing energy market issues, which in turn led to soaring oil prices.

Read more: Germany could become 'bankrupt state' due to energy spending: Berlin

  • Eurozone
  • Europe
  • Russia
  • European Union
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As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

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