German economic institutes said in forecasts released today Wednesday that an immediate shutdown of Russian gas imports would push Germany in a “severe recession” next year.
The closing of the taps in “mid-April” of questyear will limit growth to 1.9% in 2022 and push Germany in recession in 2023, causing the economy to contract by 2.2%, according to German institutes in a joint declaration.
Experts estimate that Germany’s economic losses as a result of the Russian gas shutdown could reach around 3% of its annual gross domestic product.
A few days ago, German President Frank-Walter Steinmeier warned that his country “is going through difficult days due to the situation. in Ukraine”.
“Yes, we have difficult days too in Germany, days that will change the world and change us, perhaps faster than we imagined “, added Steinmeier.
Steinmeier stressed that “the Germans must prepare to be resilient, to adopt austerity measures”.
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