German Federal Economy Minister Katherina Reiche of the conservative Christian Democratic Union (CDU) had only bad news to deliver in Berlin. She expects the war in the Persian Gulf to limit Germany's economic growth to just half a percentage point this year. "The escalation has set us back economically," the minister said. "The situation remains highly volatile." The annual economic report Reiche presented in January — before the US‑Israeli war against Iran began — is now obsolete. At the time, she expected a slow but steady economic recovery. A range of scenarios has been mapped out at the Economy Ministry: One in which escalation in the Gulf continues — keeping the Strait of Hormuz closed — and another in which the war ends quickly and the free movement of goods through the strait becomes possible again. However, the minister told journalists in Berlin that predicting which outcome is more likely is impossible.…