At 1.8% from 4.6% they revise their forecast for development of the German economy this year the five “Wise Men” of the Council of Economic Experts. The main cause of the unfavorable picture is the war in Ukraine and its consequences on supply and energy prices.
According to leading economists advising the German government, businesses are facing significant supply chain problems and surge in energy prices, which inevitably create a climate of uncertainty for consumers as well. Due to high energy prices, inflation, the “Wise Men” estimate, is likely to reach 6.1% this year and be reduced to 3.4% in 2023. For next year, unless there is a serious reversal, growth is estimated to be around 3.6%.
“Germany is heavily dependent on Russian energy supplies. “A possible shutdown risks the German economy could slide into an even deeper recession and inflation could rise above 6.1%,” said Monica Schnitzer, an economist and member of the Council of Experts. measures to prepare for a possible “freeze” of Russian energy supply and to end its energy dependence on Russia as soon as possible.
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