Carbonated anger // The EU has avoided recession and will now step up efforts to contain Russia and China economically

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The European Commission (EC) raised its forecasts for the EU economy for the coming years – recession, including due to lower oil and gas prices, did not occur in it, and by 2024 growth will accelerate to a potentially possible 1.7%. Now the EU authorities intend to focus on the sustainability of this growth. This concept includes, among other things, an accelerated energy transition to reduce energy dependence on fossil fuels, a review of the terms of trade with China – it is seen by the EU as the fastest growing emerging economy in 2023-2024 – and tightening control over the implementation of already imposed sanctions against Russia due to for its military operation in Ukraine. The EC also raised estimates of the dynamics of the Russian economy – to a 0.9% drop in 2023 and a 3.2% growth in 2024 as it adapts to sanctions. Both the EU itself and the G7 countries now intend to focus on making this adaptation more difficult and reducing these numbers for the Russian Federation.

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