German business sees slowdown from Ukraine war but backs sanctions – BGA

BERLIN (Reuters) – Germany’s BGA trade association said on Thursday a survey of its members showed most expected an economic slowdown as a result of the Ukraine conflict, but that business nonetheless backed the government’s sanctions against Russia.

“Companies are holding the line and supporting the German government’s stance in the sanctions against Russia,” BGA President Dirk Jandura said in a statement.

“The current sanctions are also having an effect on us,” he added. “And nevertheless, the sanctions are right.”

Some 62% of several hundred BGA member firms surveyed expected a slowdown as a result of the conflict and 32% feared an interruption of the economic recovery, the association said.

(Writing by Paul Carrel; Editing by Madeline Chambers)