fbpx

Germany incurs $106 billion in economic losses from Russia-Ukraine conflict

 

Germany suffered an economic loss of over $106 billion last year due to the Russia-Ukraine war, a senior expert said on Monday.

“The Ukraine war and the exploded energy prices cost Germany around €100 billion ($106.8 billion) or 2.5 percent of the economic output in 2022,” Marcel Fratzscher, the head of the German Institute for Economic Research, said.

“Germany is economically more affected by the crisis because it was more dependent on Russian energy supplies, has a high proportion of energy-intensive industry, and is extremely dependent on exports and global supply chains,” he told the German daily Rheinische Post.

Fratzscher also said the Ukraine war’s cost for Germany will continue to grow in the coming years.

Higher energy prices will remain a clear competitive disadvantage for the country, he said, adding that Germany should focus on innovation and productivity to compensate for this disadvantage.

Germany’s relations with Russia have been strained over the war in Ukraine, with Berlin accusing Moscow of war crimes, halting bilateral cooperation, and imposing tough economic sanctions.

Before the war began in February 2022, Russia was supplying nearly 55% of Germany’s natural gas and 35% of its crude oil.

Chancellor Olaf Scholz’s coalition government joined Western sanctions against Moscow and also announced plans to end his country’s reliance on Russian energy.

Since the explosions in the Nord Stream undersea pipelines in September, Germany has been importing no gas from Russia.

CURRENTPH NEWS SERVICE

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Socials

3,500FansLike
25FollowersFollow
287SubscribersSubscribe

Latest

IS-Maute Group claims Marawi bombing: How did they when Duterte already exterminated them?

If this is true, about Islamic Militants claiming responsibility behind the cowardly bombing of Mindanao State University (MSU), which killed eleven people and injured...

VP Sara Duterte to be impeached?

Speaker Martin Romualdez and his political allies deny allegations circulating that moves to impeach Vice President Sara Duterte are ongoing. House Majority Leader Jose...

Duterte’s Downfall: A Tragedy Orchestrated by His Associates

Witnessing the current state of former President Rodrigo Roa Duterte is nothing short of a lamentable spectacle. Let's face it – the once self-proclaimed...

Senator Leila De Lima Freed at last

After six long years in prison, former Senator Leila de Lima is now free to rebuild her life. Her freedom comes from a successful...

2025 Elections and the West Philippine Sea: Dangerous TimeI

There is a creeping danger against our democracy. And this is about the existence of a group of former government officials whose allegiance to...
%d
Verified by MonsterInsights