German Minister of Food and Agriculture Christian Schmidt said that constructive cooperation with Russia faced a serious test. Eckard Cordes, the president of the Eastern Committee of the German Economy, believes that European sanctions against Russia will make 25,000 people unemployed and the situation would further deteriorate with Moscow’s ban on EU and U.S. products.
Germany sold agricultural and food products worth 1.6 billion euros to Russia in 2013. Russia was the second-largest foreign market for German agricultural and food products. European agricultural products were exported to Russia for 11.9 billion euros in 2013, 9.9% of EU agricultural exports. Udo Hemmering, vice president of the German Farmers’ Association, noted that pressure on the European market of agricultural products will grow.
Germany's GDP growth this year may be 0.6% less than expected. Hans-Werner-Zinn, the director of Institut für Wirtschaftsforschung (IFO, Leibniz Institute for Economic Studies), said that the economic rise of Germany since the second half of 2013 had continued until winter and will pause again. He assures that Germany should not fear a crisis.
Erdal Yalcin, an IFO expert, said that sanctions against Russia should follow the Wandel durch Handel formula, which implies influence on policy of partners by building strong economic ties.
Vincenz Bauer, a market expert of the Lower Saxony Chamber of Agriculture, said that the good relations formed between Germany and Russia over years have been ruined and reviving them would be hard.
Dieter Zetsche, the director of Daimler car manufacturing, predicts losses on the Russian market.
Ralf Vihers, the chief economist of VDMA, believes that the conflict with Russia will affect engineering and all the main exports of German manufacturers. Friedrich Wagner, a VDMA expert for customs issues, said that manufacturers of metal-treating equipment and faucets will suffer most, because they will most likely be banned.
German Minister of Food and Agriculture Christian Schmidt said that constructive cooperation with Russia faced a serious test. Eckard Cordes, the president of the Eastern Committee of German Economy, believes that European sanctions against Russia will make 25,000 people unemployed and the situation would further aggravate with Moscow’s ban on EU and U.S. products.Germany sold agricultural and food products for 1.6 billion euros to Russia in 2013. Russia was the second largest foreign market for German agricultural and food products. European agricultural products were exported to Russia for 11.9 billion euro in 2013, 9.9% of EU agricultural exports. Udo Hemmering, vice president of the German Farmers’ Association, noted that pressure on the European market of agricultural products will grow..The German GDP growth this year may be 0.6% less than expected. Hans-Werner-Zinn, the director of Institut für Wirtschaftsforschung (IFO, Leibniz Institute for Economic Studies), said that the economic rise of Germany since the second half of 2013 had continued until winter and will paused again. He assures that Germany should not fear a crisis.Erdal Yalcin, an IFO expert, said that sanctions against Russia should follow the Wandel durch Handel formula, which implies influence on policy of partners by building strong economic ties.Vincenz Bauer, a market expert of the Lower Saxony Chamber of Agriculture, said that good relations formed between Germany and Russia for years were ruined and reviving them would be hard.Dieter Zetsche, the director of Daimler car manufacturing, predicts losses on the Russian market.Ralf Vihers, the chief economist of VDMA, believes that the conflict with Russia will affect engineering and all the main exports of German manufacturers. Friedrich Wagner, a VDMA expert for customs issues, said that manufacturers of metal-treating equipment and faucets will suffer most because they will most likely be bann
