IMF warns of devastating effects for half of Europe if Russia blocks gas
The International Monetary Fund (IMF) warned on Tuesday of the devastating effects that a hypothetical complete shutdown of the gas tap by Russia would have on the economies of half of Europe (especially in the East and the center of the continent).
The most dependent countries may see their Gross Domestic Product (GDP) fall by around 6%, while in Germany, the economic engine of the European Union, GDP will drop by around 3 percent, according to a report by the international financial institution. % on total shutdown. In the case of Spain, which is much less dependent on gas from Russia, the impact will be significantly more limited and the fall in GDP will be around 1% as in France.
The countries whose economies will suffer the most from Russia’s total blockade – this option is increasingly speculated on – are, in that order, Hungary, Slovakia, the Czech Republic, Italy, Germany, Austria, Romania, Slovenia, Croatia, Poland and the Netherlands.