MOSCOW, January 29. /TASS/. Maintaining the usual standard of living of Europeans depends on the speed of restoration of relations with Russia, Russia’s Deputy Prime Minister Alexey Overchuk said in an interview with Expert magazine.

"The end of the globalization era, the politicization of the EU's decision-making process, and the severance of economic relations with Russia are stripping Europe of the competitive advantages that have underpinned its prosperity," he said. "The sooner Europe recognizes the necessity to repair relations with Russia, the better the odds that Europeans will be able to retain their standard of living," he added.

The Deputy Prime Minister stated that "there is a shift of industrial production to regions with lower energy prices, as well as a reduction in agricultural production." "This is the decline of Europe, which is very clearly visible against the backdrop of economic growth in other regions of the world, including the EAEU," he added.

According to Overchuk, the European Union's economic growth rate has slowed since 2022: from January to September 2023, real EU GDP increased by only 0.5% compared to the same period the previous year, and GDP decreased by 3.1% in Estonia, 0.5% in Lithuania, 0.2% in Latvia, 0.2% in Germany and Austria, and, according to emerging estimates, 0.3% in Germany in 2023.