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Even the German economy, described as the “engine of Europe”, could not cope with the consequences of the war in Ukraine.
Germany’s industrial shipments fell sharply in March, 4.7 percent compared to the previous month according to the federal statistics agency Destatis. The decline is a “clear” indication of the impact the war in Ukraine is having on the German economy, the German Economy Ministry said in a statement.
“The increase in uncertainty is reflected in more shortages of remittances, especially in countries that are not in the Eurozone,” the ministry said. The largest decline was recorded in capital goods, which are used by manufacturing companies. In these difficult political and economic times, this decline also shows the reluctance to invest “, stressed Destatis, who says that the decline has been observed both in the cloud and in other goods.
In Turkey, inflation immediately reached insane levels, estimated at almost 70 percent in April. Such a figure poses a major challenge for the government of President Recep Tayyip Erdogan. The consumer price index increased by 69.97 percent compared to the same period a year ago. Economists argue that social problems in Turkey are a consequence of Erdogan’s unconventional economic strategy, which has forced many foreign investors to leave the country.
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