19.07.2022, 17:19
Some European States May See Economic Output Fall 6% if Russia Cuts Off Gas, IMF Officials Say
Source: OREANDA-NEWS
OREANDA-NEWS The officials also said gas supply issues may have amounted to a 0.2 percent reduction for EU economic activity in the first half of 2022, based on an integrated-market approach that assumes gas can get where it is needed, and prices adjust.
According to the post, some countries in Central and Eastern Europe may face gas consumption shortages of up to 40 percent if Russia totally cuts off suppliesThe blog post was authored by IMF European Department Director Alfred Kammer and Assistant Director Mark Flanagan, along with Commodities Unit Chief Andrea Pescatori and economist Martin Stuermer.
A gas crisis hit Europe immediately after the EU slapped sanctions on Russia, with Brussels citing the special military operation in Ukraine as supposed justification for the move. As a result, gas prices immediately skyrocketed, leading to major problems for consumers. In addition, the sanctions caused a delay in maintenance works on the Nord Stream 1 pipeline, which also resulted in a reduction of gas supplies.
According to the post, some countries in Central and Eastern Europe may face gas consumption shortages of up to 40 percent if Russia totally cuts off suppliesThe blog post was authored by IMF European Department Director Alfred Kammer and Assistant Director Mark Flanagan, along with Commodities Unit Chief Andrea Pescatori and economist Martin Stuermer.
A gas crisis hit Europe immediately after the EU slapped sanctions on Russia, with Brussels citing the special military operation in Ukraine as supposed justification for the move. As a result, gas prices immediately skyrocketed, leading to major problems for consumers. In addition, the sanctions caused a delay in maintenance works on the Nord Stream 1 pipeline, which also resulted in a reduction of gas supplies.
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