German Economy Is ‘Moving Into Recession,’ Deutsche Bank Says
Posted: Fri Jul 15, 2022 11:48 pm
https://www.bnnbloomberg.ca/german-econ ... -1.1792054
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Europe’s largest economy is headed for a recession and will shrink by about 1% in 2023, according to economists at Deutsche Bank.
Declining natural gas supplies, a downturn in the US and other headwinds will cause Germany to contract in the second half of this year, analysts led by Stefan Schneider said in a report to clients. They also said record inflation is yet to peak.
The latest squeeze on energy supplies as a result of the war in Ukraine has raised alarm levels across Europe, and particularly in Germany because of its strong reliance on Russian gas. A key concern is that the Kremlin may choose to use maintenance work on the Nord Stream 1 pipeline as an excuse to cut off deliveries completely.
(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.
Europe’s largest economy is headed for a recession and will shrink by about 1% in 2023, according to economists at Deutsche Bank.
Declining natural gas supplies, a downturn in the US and other headwinds will cause Germany to contract in the second half of this year, analysts led by Stefan Schneider said in a report to clients. They also said record inflation is yet to peak.
The latest squeeze on energy supplies as a result of the war in Ukraine has raised alarm levels across Europe, and particularly in Germany because of its strong reliance on Russian gas. A key concern is that the Kremlin may choose to use maintenance work on the Nord Stream 1 pipeline as an excuse to cut off deliveries completely.