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Bundesbank report: Russian gas ban puts German economy in recession

2022-04-23 21:19:48Biznes SHKRUAR NGA REDAKSIA VOX

Bundesbank report: Russian gas ban puts German economy in recession

A complete ban on importing Russian energy could push the German economy into recession, the country's central bank, the Bundesbank, warned on Friday.

The Bundesbank stresses that it would be particularly difficult to find a substitute for Russian gas.

"In the scenario predicting the intensification of the crisis, the real gross domestic product will fall by just over two percent compared to 2021," the Bundesbank reports in its regular monthly report.

It would be particularly difficult to find a substitute for gas, which would lead to supply disruptions. Russian gas companies make up more than half of Germany's imports.

The consequences of suspending imports would put pressure on the German economy in the next two years, although the decline would not be as strong as in 2020, at the height of the crisis caused by the pandemic.

In 2020, the economy fell by 4.6 percent and in 2021 it grew 2.9 percent. In the first quarter of this year, activity appears to have stalled, the Bundesbank estimates.

"All results include a considerable level of uncertainty," they added.

Among the factors that could harm the economy, they singled out rising prices of the first subjects, which would indirectly lower household incomes. They would also reduce external demand and consequently German exports.


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