Thursday, December 1

German economy to slide into recession – EconMin

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BERLIN — The German government expects Europe’s largest economy to slide into recession next year as an energy crisis, rising prices and supply bottlenecks take their toll, its economy minister said, confirming a Reuters report.

Robert Habeck said on Wednesday that the economy would contract in the third and fourth quarters of this year as well as in the first quarter of 2023.

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The German government now expects the economy to contract by 0.4% next year, he said, down from a previous forecast for 2.5% growth. The economy ministry is due to present its updated economic forecasts at a news conference later on Wednesday. (Reporting by Riham Alkousaa; Writing by Maria Sheahan; Editing by Thomas Escritt)