https://sputnikglobe.com/20240221/germany-loses-over-216bln-due-to-ukraine-conflict---institute-director-1116905979.html
Germany Loses Over $216Bln Due to Ukraine Conflict - Institute Director
Germany Loses Over $216Bln Due to Ukraine Conflict - Institute Director
Sputnik International
Germany has probably lost around 200 billion euros ($216 billion) due to the conflict in Ukraine, with major losses due to scaling up electricity prices, Director of the German Institute for Economic Research (DIW) Marcel Fratzscher said on Wednesday
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"Germany's economic costs after two years of war in Ukraine are likely to exceed 200 billion euros ... Above all, high energy costs have reduced German growth by 2.5 percentage points, or 100 billion euros in 2022, and by a similar amount in 2023 to date," Fratzscher told German newspaper Rheinische Post. The conflict in Ukraine triggered a significant increase in electricity bills, disrupted shipping networks and put significant pressure on the global economy, causing serious problems for countries dependent on exports, the newspaper reported. These consequences have hit people with low incomes the hardest.
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Germany Loses Over $216Bln Due to Ukraine Conflict - Institute Director
MOSCOW (Sputnik) - Germany has probably lost around 200 billion euros ($216 billion) due to the conflict in Ukraine, with major losses due to scaling up electricity prices, Director of the German Institute for Economic Research (DIW) Marcel Fratzscher said on Wednesday.
"Germany's economic costs after two years of war in Ukraine are likely to exceed 200 billion euros ... Above all, high energy costs have reduced German growth by 2.5 percentage points, or 100 billion euros in 2022, and by a similar amount in 2023 to date," Fratzscher told German newspaper Rheinische Post.
The
conflict in Ukraine triggered a significant increase in electricity bills, disrupted shipping networks and put significant pressure on the global economy, causing serious problems for countries dependent on exports, the newspaper reported. These consequences have hit people with low incomes the hardest.
"The German state primarily supports energy-intensive companies with massive subsidies, but people with low incomes have to tighten their belts considerably," the director added.
After Russia began its special military operation in Ukraine in February 2022, the Western decided to significantly reduce its imports of Russian fuel and actively searched for ways to limit Moscow's energy-related income, notably from oil and gas. Moreover, the Ukraine conflict also stopped the flow of Russian gas to Europe, which led to a spike in energy prices and shortages, forcing countries to look for alternatives, in particular, the United States and its liquefied natural gas exports.
