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CryptoWorld News reports that Jörg Kremer, an analyst at German Commercial Bank, pointed out in a report that the Iran war has put enormous pressure on the German economy.
In April, the Ifo Business Climate Index plummeted to 84.4, down from 86.3 a month earlier.
Rising energy prices have severely damaged market confidence and economic activity, leading German Commercial Bank to revise down Germany's economic growth forecast for 2026 to 0.6%, or only 0.3% when adjusted for working days.
Kremer stated, “Every day of disruption in oil transportation through the Strait of Hormuz increases the risk of recession.”
He also added that although the German government has implemented strong fiscal stimulus measures, the lack of widespread reforms, the ongoing adverse effects of U.S. tariffs, and energy shocks have largely offset the effectiveness of these measures.