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Ukrainian crisis, Mideast situation have adverse effect on German economy — experts

July 31, 2014, 20:41 UTC+3 BERLIN
Meanwhile, the German Federal Employment Agency has not registered any negative effects of the crisis developments in Europe and in the Middle East on the German labor market
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Siemens CEO Josef Kaeser

Siemens CEO Josef Kaeser

© EPA/ALEXANDER ZEMLIANICHENKO / POOL

BERLIN, July 31. /ITAR-TASS/. The Ukrainian crisis, that has brought about the West’s sanctions against Russia, and the Middle East tension inhibit European economic growth, Siemens CEO Josef Kaeser said on Thursday.

German businessmen and economists also say that these developments are negatively affecting Germany’s economy.

“The Ukrainian and Middle East crises may have negative consequences for the economic situation,” Josef Kaeser said. “The present geopolitical tension creates serious risks for Europe’s economic growth in the second half of this year,” he said in Munich.

The sportswear producer Adidas has also had to downgrade its business growth forecasts for this year, despite the fact that in the aftermath of the FIFA World Cup tournament in Brazil, they were rather optimistic. The press service of the Herzogenaurach-based sportswear group said on Thursday that the company’s initial profit forecast for this year stood at €830 million to €930 million. However, now it has to reduce this forecast to some €650 million. Adidas has also postponed the opening of its new shops in Russia.

Meanwhile, the German Federal Employment Agency has not registered any negative effects of the crisis developments in Europe and in the Middle East on the German labor market. “So far, there have been no signs of this,” the agency head Frank-Juergen Weise said in Nuremberg. He added that the tightening of sanctions against Russia “might influence the labor market.” The agency said on Thursday that in July, Germany’s unemployment rate increased by 39,000 people, exceeding the level of 2.87 million.

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