Russia’s economic war with the West looks set to claim a much smaller toll on Europe than the brutal recession many economists warned about just months ago, due to falling energy prices and government intervention to buttress the continent’s economy.
A mild winter so far, efforts by businesses and households to cut energy consumption, successful moves by governments to find new natural-gas suppliers and hundreds of billions of euros in fiscal support mean Europe’s recession is likely to be shallow and brief—if it happens at all—according to fresh data and estimates.
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