On the eve of the election, Austria faces a dilemma: continue to depend on Russian gas or accelerate the energy transition. The agency writes about this Reuters.
The problem is being exacerbated by the country’s economic crisis, with polls showing the radical right-wing Freedom Party (FPO), which has sympathies for Russia, with a slight lead, but no party will win an outright majority.
“Other countries are not happy that Austria is still consuming such large amounts of Russian gas,” said Stefan Schiemann-Wukan, senior economist at the Austrian Institute for Economic Research.
In July, 83% of Austria’s gas imports still came from Russia, while the EU average fell to 15% in 2023.
The central bank predicts the economy will shrink by 0.7% this year, entering a second consecutive recession. High inflation and energy costs are reducing the competitiveness of Austrian industry.
At the end of August It became known About the serious economic crisis in Estonia. Living standards have declined for seven years and the country’s economy is shrinking despite growth in other European countries, including Ukraine and Russia.
Previously the largest economies in Europe collided With the decline in commercial activities.
What are you thinking?
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.