The probability that European countries will face a recession is much higher than 50%, Prime news agency quotes James Gorman, head of Morgan Stanley. For the U.S. it is, in his estimation, at the level of 50%. Nevertheless, he tried to present an optimistic view of the future, suggesting that the recession will not prove to be a significant problem.

Last week, IMF chief Kristalina Georgieva warned that a gas shortage in Europe could lead to a global recession, as many countries would be affected. However, the lack of gas is only one of the factors that could worsen the current situation. In her view, next year will be an even tougher year for the global economy than this one, with very dim prospects for the latter.

In March, gas prices in Europe set a new all-time high of $3892 per cubic meter. Subsequently, they fell to around $900, but by now they have soared again to $1900, according to Prime.