Economic institutes cut Germany forecasts, see recession in 2023: report

BERLINSep 26 – 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.

It is expected that the Gross Domestic Product (GDP) 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 pooled estimate of RWImyth, IfW e IWH.

The institutes had previously forecast growth of 3.1% by 2023.