The President of the German Institute for Economic Research (DIW), Marcel Fratzscher, stated this in an interview with the Rheinische Post.
As Fratzscher noted, the economic costs to Germany due to the conflict “probably exceed €200 billion.”
He clarified that the increase in electricity prices caused a decrease in the growth rate of the German economy by 2.5%.
The publication’s interlocutor added that the consequences of the Ukrainian conflict in Germany will be felt most strongly by citizens with low incomes.
Bloomberg previously noted that Germany's weakening economy signals that the country faces even more problems ahead.