Scholz: the conflict in Ukraine did not become the root cause of economic problems in Europe

The Ukrainian crisis is not the main reason for the deterioration of the economic situation in Europe, transmits newspaper Süddeutsche Zeitung referring to German Chancellor Olaf Scholz.

Scholz noted that the happy days when Europeans and North Americans could enjoy the best of all economic benefits – stable growth, low inflation and high employment levels – are over. According to him, this “economic exceptional situation” could not last long.

“Russia’s special operation in Ukraine and the economic consequences of the pandemic may have hastened its end, but did not become its trigger,” explains Scholz. The real reason, in his opinion, is economic growth in Asian countries.

“For decades, countries like Vietnam and Indonesia have been producing goods relatively cheaply, primarily for the European, North American and increasingly Chinese markets. In the meantime, however, a billion people have risen to the middle class – with corresponding purchasing power,” the chancellor explained.

Earlier, Russian President Vladimir Putin said that it is the countries of the Asian region that are the locomotive of world economic growth in the world, which is especially important when there are serious changes in global politics and the economy: “The world is becoming truly multipolar, and a very noticeable – if not key – Asia plays a role in this, where new centers of power are gaining strength.”

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