The deep recession in the European economy is not associated with the recent coronavirus pandemic and the start of a special operation in Ukraine, but with the growth of competing economies in Asia, said German Chancellor Olaf Scholz.
“We are today in a new phase of globalization. Over the past 30 years, here in Europe and North America, we have seen both strong growth, low inflation and strong employment. This was an exceptional event for the economy,” said the Chancellor (quoted by RIA Novosti).
According to him, the conflict in Ukraine and the coronavirus pandemic only accelerated the process launched earlier. The real root cause of the decline in wealth in Europe was the growth of the economies of Asia, which compete with Europe in the field of energy, raw materials and technology. Scholz warned EU governments about possible deglobalization, and also urged them to start economic diversification.
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