The nation is reverting to a developing country due to the chancellor’s “lack of leadership,” the chief executive of Deutsche Boerse has said Germany is on the way to becoming a “developing country,” the head of the national stock exchange has claimed, blaming Chancellor Olaf Scholz’s “lack of leadership” for economic problems.

European Union officials are trying to negotiate the continued use of Ukraine’s natural gas transit infrastructure after its contract with Russia’s Gazprom expires at the end of the year, Bloomberg reported on Monday.

The country’s GDP is projected to expand 2.9% this year, according to the institution’s latest report The World Bank has raised its growth forecast for the Russian economy based on revised figures published on Tuesday.