According to Eurostat, the economic output of the euro zone at the end of last year was 0.2 percent higher than before the start of the corona pandemic in Europe.
(Photo: IMAGO/Laci Perenyi)
Berlin In view of the Ukraine war, economists around the world are revising their forecasts. According to the Organization for Economic Co-operation and Development (OECD), lower growth, disrupted supply chains and rising prices can be expected over the next twelve months.
The conflict will ensure that global gross domestic product will increase by one percentage point less in 2022. Accordingly, the global economic damage as a result of the war would be around one trillion dollars. OECD Secretary General Mathias Cormann fears that the consequences of the crisis will put a strain on consumers and companies for a “considerable time”.
Similar warnings come from German economic research institutes. The Handelsblatt Research Institute (HRI) lowered its forecast from 3.4 to 2.7 percent. The Kiel Institute for the World Economy (IfW) even halved its national outlook for 2022 to 2.1 percent.
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