In an interview with Bild am Sonntag, Germany’s Labour Minister Hubertus Heil said, Germany’s economic growth could fall to 1.4%-1.5% in 2022, down from 2.7% from the previous year.

“We will still be growing,” said Heil. “But this all subject to the proviso that the war does not spread further and that energy supply remains in place”.

He went on to add, “The government would provide further aid and support for lay-offs where possible to safeguard jobs if the situation worsened”.

Berlin plans on providing more than $108.8 billion (100 billion euros) in aid to companies affected by the war in Ukraine.

Finance Minister Christian Lindner is also planning on submitting a supplementary budget to parliament in coming weeks to reflect the economic impact of the war, which would likely be worth at least 24 billion euros.

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