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Russian energy import freeze would hit Germany as hard as Covid

by Mike Robinson

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© Reuters. The PCK Raffinerie oil refinery in Schwedt/Oder (Germany), March 7, 2022, a chimney produces fire. REUTERS/Hannibal Hanschke

BERLIN (Reuters – The short-term ban on Russian energy imports due to its invasion of Ukraine could cause a German decline in gross domestic products similar to what was caused by the COVID-19 Pandemic. A study released by a German ministry source Thursday.

Source also mentioned that the study said such a drastic drop would have severe social consequences.

The first coronavirus year 2020 saw an increase in economic output of 4.6%. This increased by 2.9% over last year. However, it contracted in the final three months 2021 as a result of supply chain disruptions and new restrictions.

Scope’s 2022 forecast of German growth fell to 3.5%, from 4.4% in the previous year. This was a result of Russia’s invasion.

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