20.02.2023
On the first anniversary of the Russo-Ukrainian war, the German Institute for Economic Research in Berlin assessed its impact on the German economy. The director of the agency predicts that the war will continue to have a negative impact on the German economy and calls on companies to adjust their strategies in a timely manner.
(Deutsche Welle Chinese website) Marcel Fratzscher, director of the German Institute for Economic Research (DIW) in Berlin, said in an interview with the Rheinische Post on February 20 that the Russian-Ukrainian war and the ensuing soaring energy prices Let the German economy lose 100 billion euros in 2022, which is about 2.5% of the total economic output. And in the next few years, the economic price Germany will pay for this crisis will only increase.
Fracher believes that Germany was particularly affected by the war because of its high dependence on Russia for energy, a large proportion of energy-intensive industries, and its extreme dependence on export trade and transnational supply chains before the war. “The war has not yet damaged Germany’s position in the international economy, but if companies fail to accelerate their ecological transformation, digital transformation and economic transformation, Germany’s economic position will be damaged.”
Fracher, director of the German Institute for Economic Research (DIW) in Berlin
The economist also warned that rising energy prices will become a major competitive disadvantage for Germany in the next decade, and that companies and politicians must make up for this disadvantage by strengthening innovation and improving production efficiency. Fracher appealed that in the face of the current unfavorable economic situation, the German federal government must not continue to follow the old path of high subsidies for traditional mineral energy. “Rising energy prices are painful, but they are a necessary warning. Hopefully this will lead to a faster transformation of our economy.”
According to the estimates of the German Chamber of Commerce, by the end of 2023, the Russo-Ukrainian war will cause a cumulative loss of 160 billion euros to the German economy, which is equivalent to a loss of 2,000 euros per German resident.
(Reuters, etc.)
© 2023 Deutsche Welle Copyright Statement: All content in this article is protected by copyright law and may not be used without special authorization from Deutsche Welle. Any wrongdoing will result in recovery and be subject to criminal prosecution.