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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.
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.