Recession in Europe ‘may actually be positive’ for US ...Middle East

WASHINGTON: The US could benefit from a recession in Europe, which could come as a result of a reduction in Russian gas supplies, but will suffer if Moscow refuses to export oil, Xinhua quoted The Washington Post report citing sources.The impact on the United States from a European recession would probably be “modest and manageable”, since trade with Europe accounts for less than 1 per cent of the US GDP (gross domestic product), a senior administration official, who spoke on the condition of anonymity, told the newspaper, referring to estimates from the US Treasury Department and Council of Economic Advisers.“We’re in such a perverse situation here it may actually be positive,“said Dean Bak

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