ISLAMABAD: The Pakistan Economy Watch (PEW) on Monday said gas shortages will make Europe a cold hell and it will experience a winter of worries and unrest soon. Reduction in the gas supply by Russia will hit masses, industrial and agricultural production, imports and exports and employment which will stoke inflation and shrink its GDP substantially, it said. The countries dependent on Europe for loans, aid, imports, exports, technology and remittances which include Pakistan will also face serious trouble, said Dr. Murtaza Mughal, President of PEW. Experts think that inflation in the EU will jump by three percent while GDP will contract up to four percent, many businesses will go bankrupt, unemployment will rise and stagflation will damage the block. Online
