Germany’s growth loss in 2023 will reach 175 billion euros due to the conflict in Ukraine. This is proven by the results Research German Institute of Economics (IW).
The material states that threats associated with the Ukraine conflict will cost approximately €175 billion of added value, which when adjusted for prices, amounts to about 4.5% of GDP.
According to the researchers, in addition to the losses due to the COVID-19 epidemic, Germany will lose 595 billion euros.
During the study, the IW compared the current situation with the “counterfactual economic development” model, which implies a world in which the conflict in Ukraine did not begin.
It is stated that the direct loss of wealth can be estimated at € 2,000 per person living in the country.
formerly Bloomberg reportedGermany has become more dependent on coal, liquefied natural gas (LNG) and fuel from Norway, despite a 14% reduction in gas consumption and a refusal to buy fuel from Russia.
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.