Energy Shock Is Huge for EU, Manageable in U.S., Blackrock Says
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Europe’s economy faces an energy shock from the war in Ukraine that dwarfs any impact on the U.S., according to Blackrock Investment Group.
European Union countries will likely spend above 9% of their gross domestic product on energy this year, Blackrock researchers wrote in a report. That’s the highest share in 40 years, and more than double the projected level in the U.S., which is set to stay roughly in line with its long-run average. Two years ago, the figure for both economies was around 2%.