Problems Faced By The European Economy

1191 WordsMay 23, 20165 Pages
At some point a developing country with a growing economy starts to experience a decline. The reasons for it are uncertain. This statement applies to many places in the world. As an example, Russia is currently experiencing major economic decline because of one even that had happened a few years ago. On the other side of the world, Africa, with it’s raised hopes starts to experience a rapid decline in its economy too. Africa’s challenges were not created because of an event, there simply isn’t enough demand for Africa’s commodities. The European economy is growing, however, so slowly that it is almost unnoticeable. The factors that people do notice about Europe are such as growing unemployment rate, falling stock market and lowering oil prices. Economy in Russia is currently at it’s decline. Due to the events that recently happened involving Crimea, the relations with the West are very tense. The oil prices had dropped significantly since 2014. Currently, the price of one dollar is about sixtysix rubles. In 2014, before Putin decided to launch Russian forces into Crimea the price of one dollar was around thirty rubles. The significant drop of the national currency created many problems for the people. The economy is currently contracting and the government chooses to focus on secondary problems, instead of the main ones. The government officials admit that there will be no economic growth this year. The best that can be expected to happen is a 1,9% contraction. The
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