IMF chief: Harsh winter may cause social unrest in Europe
September 15, 2022, 8:30 am

IMF chief: Harsh winter may cause social unrest in Europe

The main cause of Europe's energy crisis is that Russia has cut off supplies of cheap natural gas on which the continent has relied for years to power factories, generate electricity and heat homes - Photo. Pixabay

A harsh winter and an energy crisis may cause social unrest in Europe, the head of the International Monetary Fund (IMF) said Wednesday (Sep 14), according to the Anadolu Agency.

The crisis Europe is struggling to contain could lead to rolling blackouts, shuttered factories and a deep recession.

"There is certainly fear of recession in some countries, or even if it is not recession, that it would feel like recession this winter," Kristalina Georgieva said during an address at Michel Camdessus Central Banking Lecture held in Washington, D.C.

"And if Mother Nature decides not to cooperate, and the winter is actually harsh, that could lead to some social unrest," she said.

Georgieva noted that the global economy had two consecutive shocks -- the coronavirus pandemic and Russia's war on Ukraine that has led to "horrible" economic consequences for those countries and Europe, and caused fears of a recession.

She added that the European Central Bank has to balance its monetary policy to fight inflation while adopting a stance "to keep the economy going."

A harsh winter and an energy crisis may cause social unrest in Europe, the head of the International Monetary Fund (IMF) said Wednesday (Sep 14) (Photo: Pixabay)

The IMF in July revised down its growth forecast for the euro area by 0.2 percentage points to 2.6% this year and by 1.1 percentage points to 1.2% next year, because of the war and tighter financial conditions.

The main cause of Europe's energy crisis is that Russia has cut off supplies of cheap natural gas on which the continent has relied for years to power factories, generate electricity and heat homes.

Eiffel Tower to switch lights off early to set example for energy conservation

That has pushed European governments into a desperate scramble for new supplies and for ways to blunt the impact as economic growth slows and household utility bills rise.

The crisis deepened when Russia's state-owned exporter Gazprom said the main pipeline carrying gas to Germany would stay closed, blaming an oil leak and claiming the problems could not be fixed because of sanctions barring many dealings with Russia.

levantnews-aa-france24

US woman on trial for murdering pregnant friend to steal baby Scholz says Putin still doesn't see invading Ukraine as 'mistake'

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.