German Economist: War hit to economy will last years

The economic impact on Germany of Russia's invasion of Ukraine will last years, influential economist Marcel Fratzscher of the German Institute for Economic Research told Reuters, adding that it could cost 3 percentage points of growth this year. It’s worth noting that the institute advises the government of Europe's largest economy on macroeconomic policy.

Key quotes

The war in Ukraine has done massive damage to the German economy.

Perhaps only 1.5% would remain of the 4.5% economic growth he had expected at the start of the year.

more to come