German economists are forecasting a recession in Europe’s largest economy if Russian gas supplies were to stop.
, the $11 billion project designed to double the flow of gas between Russia and Germany, is now unused and abandoned. Germany halted certification of the pipeline altogether after Russia officially recognized two pro-Russian regions in eastern Ukraine, setting a pretext for the invasion that would ensue.
"If such support schemes are handed out on a wide front, it will further drive up inflation and undermine the important signaling effect of higher energy prices. This in turn exacerbates the problems of low-income households and increases overall economic costs," he said. In the event of an energy supply cut-off, they forecast an increase to a post-war record high of 7.3%. Next year's projected rate of 2.8% will also remain well above the average since reunification, and would rise to 5% in the event of an energy blockade, the report said.
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