8 minutes agoGermany to lose 260 billion euros
Periskopi(4 years ago)
(4 years ago)The war in Ukraine and high energy prices are costing Germany hundreds of billions of euros. One study says that employment is also suffering. The war in Ukraine and high energy prices are costing Germany hundreds of billions of euros, a recent study is said. The German economy will lose as a result of [...]
The war in Ukraine and high energy prices are costing Germany hundreds of billions of euros, a recent study is said. The German economy will lose as a result of these developments by 2030 over 260 billion euros.
This is the conclusion of a study that has worked together three research institutions: The Institute for Labour Market and Professional Formation (IAB), the Federal Institute for Professional Building and the Association for Economic Structural Research.
Less Jobs
According to the study released Tuesday (09.08), the conflict is also damaging employment. Next year, about 240,000 people could be employed less than before the war average 2022-2028 would be 150,000 people.
According to the study, the gross domestic product (GDP) adjusted at the price in 2023 will be about 1.7 percent lower than if the Russian attack had not occurred in Ukraine.
Economic growth is particularly weakened by rising prices of early fossil fuels. They are burdening both the export economy and the consumption of private households. ”
In their prediction, researchers alleged that sanctions against Russia would remain in force by 2030, even if the war ended earlier. Because of the effects of war, the rise predicted after Corona has failed,” explained Enzo Weber from the IAB.
The Most Suffering Fields
According to the study, one of the major losers in the current situation will again be the gastronomy and hotel industry, which has been badly hit by the Corona virus pandemic. These economic areas will also evidently feel the loss of purchasing power in citizens. Because of the lowest consumer spending, the number of employees in these” areas will also be reduced, the study says. Other losses will be energy sectors, such as chemical industry and metal production, but social services as well.
For 2030 the study sees a positive effect of 60,000 new jobs. But that is true only if energy prices do not increase. If that happens, Germany will slide into recession, Weber warned.
In another scenario, where energy prices rise twice faster, researchers see the biggest impact on the labor market in 2024, with 660,000 workers less than if there were no war.
