Germany expects economic downturn in 2023

“Inflation, recession, loss of prosperity” is how leading German economic institutions rewrite their autumn report. The trigger is the energy crisis.

Germany expects economic downturn in 2023

This is reported by Spiegel.

“According to leading research institutes, Germany cannot avoid a recession. The economy sinks to the economic bottom due to the energy crisis in the winter half of the year and then shrinks,” government advisers explained in their autumn report on Thursday.

This year, experts expect economic growth of around 1.4% and a decline in Germany’s gross domestic product (GDP) of around 0.4% in 2023. The economy is expected to grow again by 1.9% in 2024.

The intensification of gas markets means a “permanent loss of prosperity” for Germany.

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