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Ukrainian Conflict to Cost German Economy $190Bln, 4.5% of GDP in 2023, Study Says
Ukrainian Conflict to Cost German Economy $190Bln, 4.5% of GDP in 2023, Study Says
Sputnik International
The German economy will lose an estimated 175bln euros (4.5% of the GDP) in 2023 due to the Ukrainian conflict, according to a Monday study by the German Economic Institute.
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"New calculations of IW quantify the losses that can be expected as early as in 2023. According to those, the cost of the war in Ukraine and all related economic threats will amount to some 175 billion euros. Adjusted for price changes, it accounts for around 4.5% of the GDP," the statement read.According to the study, German economic losses from the Ukrainian conflict and the COVID-19 pandemic would amount to a total of 595 billion euros, compared to a situation with no conflict in Ukraine and no resulting hikes in energy prices. Among the main factors, the study listed:Russia launched its special military operation in Ukraine on February 24, after the Donetsk and Lugansk people’s republics appealed for help in defending themselves against Ukrainian provocations. In response to Russia’s operation, Western countries have rolled out a comprehensive sanctions campaign against Moscow and have been supplying weapons to Ukraine.
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germany looses money because of ukraine, how much does the support of ukraine cost germany, german gdp 2023, germany loses blns cause of ukraine, europe's economic loss 2023 ukraine conflict reasons
Ukrainian Conflict to Cost German Economy $190Bln, 4.5% of GDP in 2023, Study Says
BERLIN (Sputnik) - The German economy will lose an estimated 175bln euros ($190 bln) or 4.5% of the gross domestic product (GDP) in 2023 due to the consequences of the Ukrainian conflict, according to a study by the German Economic Institute (IW).
"New calculations of IW quantify the losses that can be expected as early as in 2023. According to those, the cost of the war in Ukraine and all related economic threats will amount to some 175 billion euros. Adjusted for price changes, it accounts for around 4.5% of the GDP," the statement read.
According to the study,
German economic losses from the Ukrainian conflict and the COVID-19 pandemic would amount to a total of 595 billion euros, compared to a situation with no conflict in Ukraine and no resulting hikes in
energy prices.
Among the main factors, the study listed:
security of energy supplies;
high prices for gas and electricity;
decreasing consumer demand.
"This extraordinary situation will be a challenge to us in the coming months and will be a burden for prosperity," IW expert Michael Groemling said in the statement.
Russia launched its special military operation in Ukraine on February 24, after the Donetsk and Lugansk people’s republics appealed for help in defending themselves against Ukrainian provocations. In response to Russia’s operation,
Western countries have rolled out a comprehensive
sanctions campaign against Moscow and have been supplying weapons to Ukraine.
22 January 2023, 19:23 GMT
