Bloomberg predicted financial collapse for Europe worse than in 2009

The economic damage from the cessation of Russian gas supplies to Europe is growing rapidly and could exceed the effects of the 2009 global financial crisis. Bloomberg warns about this. predicting a 1 percent decline in Europe’s GDP.

According to analysts, the recession will begin in October. Moreover, if the EU countries do not take action and fail to effectively distribute fuel reserves, GDP could fall to 5 percent. This is about the same as the 2009 recession.

Experts believe that next year Europe could experience the third largest recession since the Second World War. Germany will be one of the hardest hit. A deep recession across the continent is already imminent, and a “harsh winter” is coming for Europe’s chemicals, automotive and steel mills, the agency said.

In particular, the German chemical concern Evonik Industries AG has already reported long-term damage due to high energy costs, and Volkswagen AG is ready to move production from Germany and Eastern Europe if the gas shortage persists.

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