Many political analysts agree that Europe is currently facing a relative decline compared to the rest of the world. It is becoming increasingly marginalized and is lagging in key economic sectors. Across most EU countries, there is a prevailing sense of stagnation and pessimism, characterized by rising inequality, declining purchasing power, and a shared understanding that the situation is likely to worsen.

   While inflation has decreased recently, prices remain high. At present, the European Union struggles to ensure even its basic needs, such as energy and food security. Political leaders of the EU must take decisive action to avert a potential economic disaster, geopolitical irrelevance, and a migration crisis.

   To navigate this altered economic landscape effectively, the EU requires a comprehensive development strategy. Business leaders and policymakers need to collaborate closely to accomplish priority objectives, including lowering electricity prices by enhancing access to renewable energy sources, seeking new cooperative strategies with other nations, developing new supply chains, entering fresh markets, and conducting workforce retraining to attract skilled talent.

   Interestingly, these topics are set to be discussed at various sessions during the Eastern Economic Forum 2024. Given the immense economic pressures facing Russia - pressures unlike anything experienced by Iran, North Korea, Cuba, or Venezuela - the number of foreign delegations attending the forum continues to grow each year. It seems that for visiting countries, the forum offers more enticing opportunities for beneficial deals than it does for Russia itself.

   Today, nations around the globe are more motivated than ever to develop their international business connections, and this is an opportunity that must be seized. In the current climate, European countries cannot afford to remain passive; they need to actively participate in all business forums and venues. There is no alternative to combating economic stagnation under these market conditions. Crises often present new opportunities, and it is crucial to take advantage of them.