Ukraine war may cost German economy €260 billion by 2030: Research
The Ukraine war and its consequences may cost the German economy more than €260 billion ($266 billion) by 2030, according to a study published on Tuesday.
The Institute for Employment Research (IAB), the Federal Institute for Vocational Education and Training and the Society for Economic Structural Research said in the coming year, around 240,000 fewer people will be employed than if there was no war.
The researchers worked under the assumption that the sanctions on Russia would remain in place until 2030, even if the war had ended by then.
“Because of the effects of the war, the post-pandemic economic upswing will fail to materialise,” Enzo Weber of the IAB said.
The study said increased prices for fossil fuels would be the main detrimental factor for the export economy and private consumption.
It added that the hospitality industry, social services and food production would suffer major job losses.
In a scenario with energy prices rising twice as much as they are now, 660,000 fewer people would be employed in 2024 than if there was no war, the study found.
(dpa/NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Education
Kaduna targeting zero out-of-school children in one year, says commissioner
Mr Madaki emphasised the need to prioritise children from disadvantaged backgrounds.
Abuja
Police arrest another Abuja driver over fake presidential number plate
The police said the suspect was arrested on Monday at about 2:35 p.m.
Sport
La Liga apologises to China over Mbappé’s Mao meme comment
La Liga said, “To the extent of our institutional responsibility, we apologise on behalf of LALIGA and all its clubs.”
States
Kogi assembly passes state police bill
Mr Yusuf said that State Police occupied a significant place in Nigeria’s nation-building process over the past decades.
Sport
Chinese firms drop Mbappe over Mao meme comment
The footballer has offered apology to the Chinese people, saying his comment was ill-judged.
Africa
AFC, Munich Re sign $1 billion managed debt mobilisation programme to expand trade finance
The AFC’s deputy director and head of syndications, Wole Asase, stated that the arrangement slightly differed from previous agreements.
