Sweden Calls for Urgent European Action, Fears Recession Due to Middle East Crisis

Swedish Prime Minister Ulf Kristersson warned on Thursday, April 23, 2026, of severe consequences for the EU economy resulting from the Strait of Hormuz closure. Kristersson emphasized the need to accelerate the renewable energy transition to avoid sharp price and inflation hikes. Concurrently, the European Commission is studying comprehensive emergency plans, while the IMF warned of a potential global recession if the crisis is not contained.