Posted: 05.12.2023 17:00:00

Worsening situation in industrial sector predicted to Europe

It is too early to assert that Europeans are completely destroying their industry, but it is already obvious that the situation will worsen – as stated by political scientist-Americanist Malek Dudakov in his talk with the Soloviev Live channel

Earlier, Bloomberg reported that the European petrochemical industry is experiencing a deep crisis, and the production of basic raw materials for plastics has become unprofitable. According to its data, the last time the industry faced a decline in production was in 1975, but it has now reached a really low level due to high energy prices in Europe.

“In some areas, for example, petrochemicals and mechanical engineering, we are seeing crisis aspects. In general, the industrial index is falling. It is too early to assert that Europeans are killing their industry completely, but in some areas everything is very serious. They are losing access to cheap energy, so everything will get worse,” Mr. Dudakov said.

According to the expert, the situation is also aggravated by the aging of the population, as well as the replacement of ethnic Europeans by migrants from the Middle East and North Africa. “All this will split the European Union from within and open a window of opportunity for other countries to strengthen their influence on the European continent. This is a window of opportunity for both Russia and China. The latter has not forgotten its One Belt, One Road programme in Europe. I think China is very closely monitoring the situation and hopes that any destabilisation will again enable it to join the European continent and impose competition on Americans," he added.