Wells Fargo said that the United States has already entered a recession, which began in the second half of the year. According to the Atlanta Fed, the country's GDP fell 1.6 percent in the first quarter. In Europe, GDP figures and higher inflation are expected to worsen. The European Commission intends to reflect these changes in its new forecast, which is expected to be published this week. The last time it lowered its GDP growth estimate was in May. In addition, the European Commission fears widespread unrest in the region with the onset of the cold season due to the high cost of electricity. According to its Vice President Frans Timmerans, cited by The Guardian, Europe will use fossil fuels to prevent this, and environmental issues should take a back seat. In Britain, experts predict impoverishment by early next year due to the fact that electricity bills will exceed 3,000 pounds per year, the Daily Mail reports.