"Germany is supporting Ukraine in the fight against Russia with enormous sums. And then there are the high indirect costs, economists calculate.
According to economic researchers, the conflict in Ukraine has cost Germany more than 200 billion euros so far. "The economic costs for Germany after two years of conflict in Ukraine are likely to be significantly higher than 200 billion euros," said the President of the German Institute for Economic Research (DIW), Marcel Fratzscher, to the Rheinische Post (RP).
"Above all, the high energy costs have reduced growth in Germany by 2.5 percentage points or 100 billion euros in 2022 and by a similar amount in 2023 to date," said the DIW boss. However, these are only the “direct financial costs”. Further costs would arise from the “escalating geopolitical and geoeconomic conflicts, especially with China” due to the conflict. These would hit export companies particularly hard, explained Fratzscher.
The "RP" also quoted from a current study by the German Economic Institute, according to which the Ukraine conflict has so far cost Germany around 240 billion euros. “While the defaults in 2022 are around 100 billion euros, they rose again to a good 140 billion in 2023,” the study says. However, the consequences of the corona pandemic will continue to have an impact in 2022 and 2023, so that an exact definition of the effects of the Ukraine conflict cannot be calculated, explained IW researcher Michael Grömling.
According to DIW boss Fratzscher, the costs of the Ukraine conflict hit people with low incomes particularly hard because they experienced inflation "two to three times higher than people with high incomes." The Ukraine conflict marks its second anniversary on Saturday." [1]
1. "Ukrainekonflikt kostet Deutschland mehr als 200 Milliarden Euro". Frankfurter Allgemeine Zeitung (online)Frankfurter Allgemeine Zeitung GmbH. Feb 21, 2024.
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