Germany faces $240 billion hit if Russian gas is cut off
CNN
Germany would plunge into a deep recession if its supply of Russian natural gas was suddenly shut off, the country's top forecasters warned on Wednesday.
The country would lose 220 billion euros ($238 billion) in economic output over the next two years in the event of such a shock, according to a report by five German economic institutes. German GDP would rise by just 1.9% in 2022, and contract by 2.2% in 2023. Growth would be 2.7% this year if the gas keeps flowing.
Cutting Russian gas would push Europe's largest economy into a "sharp recession," said Stefan Kooths, research director at the Kiel Institute for the World Economy and one of the report's authors.
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