MOSCOW, September 30 – Novosti. Without Russian gas, the economic situation in Europe will deteriorate, leading to deindustrialization, writes The Spectator.
“The rapid economic collapse that the UK is now experiencing is just an accelerated version of what the whole of Europe will have to go through in the near future,” writes author Philip Pilkington.
He believes that the EU will collapse the economy. As manufacturers will be forced to raise their prices due to high energy prices, and consumers will be better off buying imported products, European businesses will become uncompetitive.
The article argues that the problem of general deindustrialization in Europe can be solved only by raising tariffs and artificially supporting production.
Western states are faced with rising energy prices and a surge in inflation due to the imposition of sanctions against Moscow and the policy of abandoning Russian fuel. Against the backdrop of a rise in the price of fuel, primarily gas, the industry in Europe has largely lost its competitive advantages, which also affected other sectors of the economy. Also , the United States and European countries are facing record inflation in decades.
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