2024 Recap: European Economies Bear the Cost of Geopolitical Tensions

2024 Recap: European Economies Bear the Cost of Geopolitical Tensions The year 2024 witnessed unprecedented economic and political developments in Europe, with geopolitical tensions playing a pivotal role in reshaping the economic landscape. International crises and their repercussions directly impacted European economies, forcing many countries to adopt exceptional measures to address the fallout. Geopolitical Tensions and Their Economic Impact: 1. The Ongoing Russia-Ukraine Crisis As the Russia-Ukraine war entered its third year, Europe continued to bear the consequences of the conflict, whether through sanctions on Russia or the military and economic support provided to Ukraine. These policies disrupted energy supplies, keeping gas and oil prices high despite efforts to reduce dependence on Russian resources. 2. Escalating Conflict in the Middle East: Tensions in the Middle East, particularly in energy-rich regions like the Gulf, destabilized oil and gas markets. T...