Germans 'will be poorer' because of the war in Ukraine

[beijingwalker]

Germans 'will be poorer' because of the war in Ukraine​

By Anna Cooban, CNN Business

Updated 1255 GMT (2055 HKT) March 31, 2022

Germany's economy minister Robert Habeck has warned of tough times to come.

London (CNN Business)Germany "will be poorer" because of Russia's assault on Ukraine, the government's economy minister has warned, as soaring energy prices fuel record inflation and threaten to tip Europe's biggest economy into a recession.

"It is not possible that this ends without costs for German society, it is unthinkable," Robert Habeck told public broadcaster ZDF on Wednesday. "I believe that we are ready to pay this price which is small enough compared to the sufferings in Ukraine."

Preliminary figures indicate that inflation hit 7.3% in March, according to the country's Federal Statistics Office. That's the highest level in more than 40 years.

The main culprit: Soaring prices for natural gas and oil, which rose by nearly 40% from the year before.

Rising energy prices had been a problem months before Russia invaded Ukraine, but the war — and fears it will lead to a supply crunch in Europe — have pushed prices up even further. This is a particular concern for Germany, Russia's biggest energy customer in Europe.

The German government indicated on Wednesday that a payments dispute with Russia — which has demanded that "unfriendly" nations pay in rubles for their natural gas rather than in the euros or US dollars stated in contracts — could lead to shortages, and ultimately rationing.

"The high dependence on Russian energy supplies entails a considerable risk of lower economic output and even a recession with significantly higher inflation rates," the German Council of Economic Experts said in a statement on Wednesday.

"Germany should immediately do everything possible to take precautions against a suspension of Russian energy supplies and quickly end its dependence on Russian energy sources."

The council slashed its forecast for GDP growth this year to 1.8% from 4.6% in December, citing the inflationary forces and supply chain disruptions caused by war in Ukraine.

Europe's Central Bank has so far held off on hiking interest rates unlike its counterparts in the United States and United Kingdom, which have both acted to tame inflation in recent weeks.

Germans 'will be poorer' because of the war in Ukraine | CNN Business

Germany "will be poorer" because of Russia's assault on Ukraine, the government's economy minister has warned, as soaring energy prices fuel record inflation and threaten to tip Europe's biggest economy into a recession.

edition.cnn.com

 

[Inception-06]

Yes I can confirm !

 

[Apollon]

Germans 'will be poorer' because of the war in Ukraine​

By Anna Cooban, CNN Business

Updated 1255 GMT (2055 HKT) March 31, 2022

Germany's economy minister Robert Habeck has warned of tough times to come.

London (CNN Business)Germany "will be poorer" because of Russia's assault on Ukraine, the government's economy minister has warned, as soaring energy prices fuel record inflation and threaten to tip Europe's biggest economy into a recession.

"It is not possible that this ends without costs for German society, it is unthinkable," Robert Habeck told public broadcaster ZDF on Wednesday. "I believe that we are ready to pay this price which is small enough compared to the sufferings in Ukraine."

Preliminary figures indicate that inflation hit 7.3% in March, according to the country's Federal Statistics Office. That's the highest level in more than 40 years.

The main culprit: Soaring prices for natural gas and oil, which rose by nearly 40% from the year before.

Rising energy prices had been a problem months before Russia invaded Ukraine, but the war — and fears it will lead to a supply crunch in Europe — have pushed prices up even further. This is a particular concern for Germany, Russia's biggest energy customer in Europe.

The German government indicated on Wednesday that a payments dispute with Russia — which has demanded that "unfriendly" nations pay in rubles for their natural gas rather than in the euros or US dollars stated in contracts — could lead to shortages, and ultimately rationing.

"The high dependence on Russian energy supplies entails a considerable risk of lower economic output and even a recession with significantly higher inflation rates," the German Council of Economic Experts said in a statement on Wednesday.

"Germany should immediately do everything possible to take precautions against a suspension of Russian energy supplies and quickly end its dependence on Russian energy sources."

The council slashed its forecast for GDP growth this year to 1.8% from 4.6% in December, citing the inflationary forces and supply chain disruptions caused by war in Ukraine.

Europe's Central Bank has so far held off on hiking interest rates unlike its counterparts in the United States and United Kingdom, which have both acted to tame inflation in recent weeks.

Germans 'will be poorer' because of the war in Ukraine | CNN Business

Germany "will be poorer" because of Russia's assault on Ukraine, the government's economy minister has warned, as soaring energy prices fuel record inflation and threaten to tip Europe's biggest economy into a recession.

edition.cnn.com

Of course. Its war, war costs and it will change when putler was removed.

So far it has no effects here. Sunflower oil has become bit more expensive and cost for flights did rise a bit, fuel prices too.

 

[fitpOsitive]

Yes I can confirm !

Bist du sicher?

 

[beijingwalker]

Of course. Its war, war costs and it will change when putler was removed.

So far it has no effects here. Sunflower oil has become bit more expensive and cost for flights did rise a bit, fuel prices too.

It's just the beginning, EU is in big trouble now.

 

[Beast]

Did the minister represent all Germans or just himself? I doubt all Germans are willing to pay the price for inflation due to sanction against Russia.

He is in high post and high paid. Of cos, he can afford to speak nonsense. How many Germans earn as much as him to negate the effect of 7.3% inflation?

 

[Apollon]

Did the minister represent all Germans or just himself? I doubt all Germans are willing to pay the price for inflation due to sanction against Russia.

He is in high post and high paid. Of cos, he can afford to speak nonsense. How many Germans earn as much as him to negate the effect of 7.3% inflation?

Im willing. We need to stop russia.

It's just the beginning, EU is in big trouble now.

So is China. In a globalized world this spreads evrywhere. All the more reason for Xi to stay silent as we destroy putinism

 

[Beast]

Im willing. We need to stop russia.



So is China. In a globalized world this spreads evrywhere. All the more reason for Xi to stay silent as we destroy putinism

You? You represent all EU? Another keyboard warrior who only knows how to talk. Most European will regret once heavy inflation will bite in. They suffer becos the folly of their arrogant politician expanding NATO and threaten Russia.

Russia is forced into a corner. Ordinary German shall not paid the price for some stupid top politician playing with fire.

 

[Apollon]

You? You represent all EU? Another keyboard warrior who only knows how to talk. Most European will regret once heavy inflation will bite in. They suffer becos the folly of their arrogant politician expanding NATO and threaten Russia.

Russia is forced into a corner. Ordinary German shall not paid the price for some stupid top politician playing with fire.

How ignorant. Putin would attack Germany later if we allow him take Ukraine. We are at war, war is hard and majority know this. In polls 74% of Germans support hard actions against Russia. 12% even want harder decissions.

 

[beijingwalker]

So is China. In a globalized world this spreads evrywhere. All the more reason for Xi to stay silent as we destroy putinism

We have no problem to access Russian gas and oil at least, even everyone is being affected, we are being affected the least and EU and most.

 

[Apollon]

We have no problem to access Russian gas and oil at least, even everyone is being affected, we are being affected the least and EU and most.

We can live with it. As i said we are at war and evryone knows this comes with certain cost. Its nothing one can change. So lets pull through and after we got a solution, things will be better.

 

[beijingwalker]

We can live with it. As i said we are at war and evryone knows this comes with certain cost. Its nothing one can change. So lets pull through and after we got a solution, things will be better.

You can only speak for yourself, even your fellow Greek PDF users don't agree with you.

 

[Apollon]

You can only speak for yourself, even your fellow Greek PDF users don't agree with you.

I speak for myself as you dont speak for China.

Facts are as they are. We are at war and have to pull through. Im positive . So far its has no effects on me or my friends and family. My belly is full, plenty of food (get sushi today ). Vacation is secure. Egypt in April and Antarctica cruise in November. Fuel and food costs bit more but thats ok.

 

[beijingwalker]

I speak for myself as you dont speak for China.

Facts are as they are. We are at war and have to pull through. Im positive . So far its has no effects on me or my friends and family. My belly is full, plenty of food (get sushi today ). Vacation is secure. Egypt in April and Antarctica cruise in November. Fuel and food costs bit more but thats ok.

So I guess I have to remind you that Im talking about EU and the whole Germany ,not you and your family.

 

[Apollon]

So I guess I have to remind you that Im talking about EU and the whole Germany ,not you and your family.

Obviously Germany and whole EU agree too. Otherwise we would not do it. The sanctions and decissions were done with one voice.

That said, better to do this now than to suffer in 3 years when Russia attacks Germany in attempt to occupy it.