He noted that the situation in the economy is affected by high inflation, the geopolitical crisis and the high level of debt in Germany.

“We will also feel it in Germany,” he said in an interview with Handelsblatt.

Erhardt added that anti-Russian sanctions seriously affect the situation in Germany and the EU as a whole.

“We will not be able to replace cheap Russian gas in the next four years,” the economist said.

According to him, the increase in liquefied gas capacity will cost €1 trillion.

Earlier, Russian President Vladimir Putin said that the collective West had led itself into a trap because it had failed to foresee the trends that would weaken its global dominance.