The suffering suffered by the German economy as a result of Russia's war in Ukraine will last for years, according to economists from the German Institute for Economic Research.
Citing a Reuters report reporting an interview with Marcel Fratzscher, the impact of this could potentially lead to a loss of up to 3% in growth this year.
Fratzscher, whose institute advises the German government on macroeconomic policy, said the effects could last until 2025, when Germany successfully frees the country from dependence on Russian gas.
Europe's largest economy is now scrambling to find alternatives to Russian gas supplies after it imposed sanctions on Moscow over its aggression in Ukraine.
Fratzscher said the war in Ukraine had caused major damage to the German economy, predicting the economy would only grow 1.5% from the 4.5% he projected at the start of the year.
The impact on inflation following high energy prices is also expected to remain for the same period.
