German economy will shrink, but Putin will fail at economic war - Economy Minister Habeck

Record ID: 1692899

  • Title: German economy will shrink, but Putin will fail at economic war - Economy Minister Habeck
  • Date: 12th October 2022
  • Summary: BERLIN, GERMANY (OCTOBER 12, 2022) (REUTERS) ***WARNING: CONTAINS FLASH PHOTOGRAPHY*** GERMAN VICE CHANCELLOR AND ECONOMY MINISTER ROBERT HABECK ARRIVING FOR A NEWS CONFERENCE, REMOVING FACE MASK, AND SITTING DOWN (SOUNDBITE) (German) GERMAN VICE CHANCELLOR AND ECONOMY MINISTER, ROBERT HABECK, SAYING (on GROWTH): “I am firmly convinced that Putin will fail in his attempt to destabilise the basic economic order, the same way he will fail on the battlefield in Ukraine. We will have a decline in economic growth this year, compared to the projection made in April. This autumn, we are forecasting 1.4% growth. In April this year, that figure was 2.2%. Next year, growth will stand at minus 0.4%, in other words, negative growth, a recession.” NEWS CONFERENCE IN PROGRESS (SOUNDBITE) (German) GERMAN VICE CHANCELLOR AND ECONOMY MINISTER, ROBERT HABECK, SAYING (on NORD STREAM DAMAGE): “I do not want to speculate but what can be said for sure and what intelligence services and experts are saying is that this can’t be a natural occurrence. So it’s a strategically targeted event which could not have come from a private actor.” CAMERAMAN FILMING (SOUNDBITE) (German) GERMAN VICE CHANCELLOR AND ECONOMY MINISTER, ROBERT HABECK, SAYING (on GAS STORAGE LEVEL): “Probably tomorrow we will have reached 95% of gas storage and the storage in Rehden, as one example, is not yet completely full so more will come on top of that.”
  • Embargoed: 26th October 2022 15:08
  • Keywords: German Vice Chancellor Economy Minister Robert Habeck Ukraine war impact economic outlook projection inflation recession
  • Location: FRANKFURT, BERLIN, REHDEN & MUNICH, GERMANY
  • City: FRANKFURT, BERLIN, REHDEN & MUNICH, GERMANY
  • Country: Germany
  • Topics: Europe,Economic Events
  • Reuters ID: LVA002166612102022RP1
  • Aspect Ratio: 16:9
  • Story Text: Germany's economy will fall into recession, shrinking 0.4% in 2023 compared to the 2.5% growth previously forecast, due to an economic war Russia's President Vladimir Putin was waging, German Economy Minister Robert Habeck said on Wednesday (October 12).
    Unveiling the government's latest economic forecasts, Habeck told a news conference that the contraction, though serious, was less than many experts had expected would be the result of a cut to Russian gas supplies, thanks to the measures Berlin had taken to protect the economy.
    Attacks on critical infrastructure are high on the German government's agenda after suspected sabotage on the Nord Stream 1 and 2 gas pipelines, Habeck added.
    The pipeline leaks were a deliberately inflicted event “so strategic and so difficult to carry off that it could not have been a private actor", Habeck told reporters in Berlin.
    (Production: Tobias Schlie, Michele Sani)
  • Copyright Holder: REUTERS
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