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German Economy to Be Hit for Years by Gas Situation: Marcel Fratzscher

NATURAL GAS

The impact of the Ukraine invasion and subsequent energy crisis will impact the German economy for years and could cost the country 3 percentage points of growth this year according to Marcel Fratzscher of the German Institute for Economic Research.

  • The impact could take until 2025 when Germany may be able to free itself from Russian gas.
  • "The war in Ukraine has done massive damage to the German economy," Fratzscher said in an interview, adding that perhaps only 1.5% would remain of the 4.5% economic growth he had expected at the start of the year.
  • "Unions aren't as strong as they were in the 1970s," he said, noting that this year's forecast wage growth of 4.5% was well short of inflation at some 8%. "Even in coming years I see no sign of us falling into a wage spiral."
Energy BulletsCommodities
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