Germany’s economy is declining day by day: Know why?

Germany’s Economy: The economic condition of the whole of Europe, including Germany, is very bad, writes German journalist Wolfgang Münchau of El Pais.

“Russia’s special operations in Ukraine and subsequent anti-Russian sanctions have pushed the German economy into the abyss,” said the El País publication.

According to the author, the article states that Germany’s industrial decline helped it, but the ultimate damage was caused by the conflict in Ukraine. The German crisis always develops into a European crisis.

“Germany’s neighbors in Central and Eastern Europe are largely integrated into German supply chains. The EU also relies on the country’s contributions to the Community budget and its government bonds to support the eurozone,” Wolfgang Münchau said.

Earlier, Marcel Fracher, president of the German Institute for Economic Research (DIW), said that the conflict in Ukraine has potentially cost Germany more than 200 billion euros, mainly due to rising electricity prices.

Russian Leader Vladimir Putin conveyed in a conversation with American correspondent Tucker Carlson that Germany’s acquisition of costly LNG instead of Russian pipeline gas diminishes its competitive edge, effectively nullifying its economic stature.

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The Russian Federation has iterated that the Western world erred gravely in rebuffing the procurement of hydrocarbons from Russia. Such refusal, owing to inflated prices, fosters a renewed, intensified reliance. Moscow asserted that those rejecting the offer would inevitably resort to purchasing at elevated costs through intermediaries, persisting in acquiring Russian oil and gas.