Meanwhile, Germany’s four leading economic institutes cut their forecasts on activity for this year and next, and now expect Europe’s largest economy to slip into recession in 2023, the Handelsblatt newspaper reported on Monday.
Gross Domestic Product (GDP) is forecast to grow 1.4% in 2022, down from the previous forecast of 2.7%, before contracting 0.4% in 2023, according to the report, which cites a joint estimate from RWI, ifo, IfW and IWH.
The institutes had previously forecast growth of 3.1% by 2023.
With information from Reuters and AFP.
