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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

As Ukraine War Drags On, Europe’s Economy Succumbs to Crisis

European Union Europe Euro Economy Ukraine Recession Inflation Germany Russia Pandemic
Workers sit in front of a banner reading "Stop the Inflation Monster" at the Burchardkai Container Terminal as they go on strike for higher wages in the harbor in Hamburg, Germany, June 9, 2022. (Reuters)

It was meant to be Europe's stellar year.

A post-pandemic spending euphoria, supported by copious government spending was set to drive the economy and help fatigued households regain a sense of normality after two dreadful years.

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