Russia's war against Ukraine has cost Germany over €200 billion
Economic researchers have stated that Russia's war against Ukraine has already cost Germany over €200 billion.
Source: Tagesschau, as reported by European Pravda
Quote: "Germany's economic losses after two years of war in Ukraine are likely to significantly exceed €200 billion," Marcel Fratzscher, President of the German Institute for Economic Research (DIW), said.
"Firstly, high energy prices have reduced growth in Germany by 2.5 percentage points or €100 billion in 2022, and again by a similar degree from the start of 2023 to the present date," he noted.
However, these are only the "direct financial costs". Further expenses will arise due to "geopolitical and geoeconomic conflicts, especially with China" that have escalated because of the war.
Fratzscher explained that this will particularly impact exporter companies.
Background:
- German Defence Minister Boris Pistorius urged American lawmakers to approve the additional aid for Ukraine that is currently stalled in Congress, warning that failure to support Kyiv could damage America’s economic interests.
- The US House of Representatives went on recess until the end of February without considering a package bill including funding for military aid for Ukraine that had already been approved by the Senate.
- The House of Representatives also introduced a bill with less aid for Ukraine than the amount suggested by US President Joe Biden.
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