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Institutes expect the German economy to collapse in 2023

2022-09-29T08:18:38.946Z

»Inflation, recession, loss of prosperity« – this is how the leading German economic institutes headline their autumn reports. The trigger is the energy crisis.



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Track system at the port of Hamburg

Photo: Daniel Reinhardt / DPA

According to the leading research institutes, Germany cannot escape a recession.

Because of the energy crisis in the winter half-year, the economy is slipping into an economic trough and will then shrink, the government advisers declared on Thursday in their autumn report "Energy Crisis: Inflation, Recession, Loss of Prosperity".

For this year, the experts only expect economic growth of around 1.4 percent and for 2023 a decline in German gross domestic product (GDP) of around 0.4 percent.

In 2024, the economy is likely to grow again by 1.9 percent.

More about this soon on spiegel.de.

mamk/AFP/Reuters

Source: spiegel

All business articles on 2022-09-29

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