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Brace for a Dirt Poor Europe and a Great Depression to dwarf the Dust Bowl crisis of the 1930s

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Europe and the US are facing a severe recession caused by the Ukrainian crisis, related anti-Russian sanctions and soaring inflation, Deutsche Wirtschafts Nachrichten writes, citing Deutsche Bank analysis. A similar opinion was also expressed by experts from Moody’s Analytics and JPMorgan, who noted that the entire global economy is suffering losses from the American inspired anti-Russian sanctions.

According to experts, the main reasons for the recession will be two recent shocks, the Ukrainian crisis and related sanctions and rising inflation in the US and the European region.

The Deutsche Bank report says that the coming recession could last two years. In addition, it is noted that one of the recession factors will be the tightening of monetary policy by the US Federal Reserve. Analysts also expect the stock markets to fall.

Mark Zandi, the chief economist at Moody’s Analytics, said there was a 33.3% chance of a recession in the next 12 months. JPMorgan Chase CEO Jamie Dimon has similar forecasts. 

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‘The Ukrainian crisis and sanctions against Russia will lead to at least a massive slowdown in the economy. And the situation could easily become even worse,’ Damon said. The economist also compared the current situation to the 1973 crisis, when the oil embargo led to a sharp rise in energy prices and a worldwide recession.  Source

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