Posted 10/11/2023, 6:15:56 PM
Germany Slashes 2023 Forecast, Now Expecting Recession Due to High Energy Prices and Weak Global Economy
- Germany slashed its 2023 economic forecasts, now predicting a 0.4% GDP decline instead of 0.4% growth
- The economy is being hit by high energy prices, inflation fighting by the ECB, and weak global partners
- Germany is emerging slowly from the crisis but has reached the low point
- GDP is expected to rebound in 2024 and 2025 as inflation declines
- The EU overall is also headed for a recession this year, per the IMF
