"The escalation has set us back economically. The situation remains highly volatile. Inflation will rise more sharply this year to 2.8%, driven by increased costs for gasoline, oil, gas, and electricity."
"The war in the Middle East has triggered an energy price shock beyond our control, and it is weighing heavily on both households and the economy. Our potential growth is too low, and we have to lift it."
Germany's economic growth is projected to be limited to half a percentage point due to the war in the Persian Gulf. The situation is volatile, and inflation is expected to rise to 2.8%, driven by increased costs for energy and food. The economic recovery anticipated earlier has been hindered by the conflict, leading to urgent calls for structural reforms to enhance competitiveness. The Economy Minister emphasized the need to address these challenges despite the ongoing crisis.
Read at www.dw.com
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