“The impact of Russia’s attack on Ukraine is likely to place a noticeable strain on economic activity in Germany from March,” the Bundesbank writes in its Monthly Report. Energy commodity prices have surged which will probably put a damper on household consumption and the production of energy-intensive industries. Together with the looming disruptions to foreign trade and supply chains and the heightened uncertainty, the consequences of the war are likely to slow the economic recovery originally expected by a significant degree.

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