(19 FORTY FIVE) – According to the Joint Economic Forecast, which was prepared by several German institutes that study economic and financial matters, Germany’s economy would lose 6.5% of its annual output over the next two years if the country follows the United States’ lead and sanctions Russian gas.
The forecast, compiled by the Halle Institute for Economic Research, RWI, the Kiel Institute for the World Economy, and the German Institute for Economic Research, found that immediate sanctions on the importation of Russian gas would hit the German economy to the tune of $238 billion in economic output in 2022 and 2023.
Economists outline in the report how Germany, the biggest economy in Europe, would enter into a “sharp recession” in the event of Russian gas sanctions – a problem that would ultimately affect the 26 other European Union member nations that have, in some cases, substantially smaller economies than Germany that rely on the European Union’s larger economies.
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