US recession risk low but Europe vulnerable
The United States is unlikely to fall into a recession as interest rates rise to fight soaring inflation, the US treasury secretary said Wednesday, while warning of the risks for Europe following the invasion of Ukraine.
"I really don't expect the United States to fall into a recession," Janet Yellen said at a press conference ahead of a meeting of G7 finance ministers in Germany.
Europe is "more vulnerable and of course more exposed on the energy front" as prices rise following the Russian invasion of Ukraine, she said.
The continent is highly reliant on Russian energy imports for its energy needs, with any disruption to supplies of oil and natural gas threatening stoppages for industry.