Growing concern: Economics Minister Habeck sees German economy ahead of "serious times"
Created: 2022-10-12 2:49 p.m
By: Patricia Huber
Breaking news from IPPEN MEDIA.
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The Ukraine war also burdens the German economy.
The federal government has drastically lowered the economic forecast.
Robert Habeck speaks of "serious times".
Berlin – The federal government has significantly lowered its economic forecast because of the energy price crisis.
Economics Minister Robert Habeck (Greens) spoke on Wednesday in Berlin at the presentation of the autumn projection of "serious times".
According to the forecast, the government expects only small economic growth of 1.4 percent this year, and the economy is likely to shrink by 0.4 percent in the coming year.
Growth of 2.3 percent is expected for 2024.
In the spring projection, the federal government still expected an increase in gross domestic product of 2.2 percent this year and 2.5 percent next year.
"We are currently experiencing a serious energy crisis, which is increasingly developing into an economic and social crisis," said Habeck.
The trigger for this crisis is the attack by Russian President Vladimir Putin on Ukraine.
Russia stopped gas supplies.
More information coming soon.
