Germany faces sharp drop in real income ...News

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Europe’s biggest economy is taking its worst hit since the 1979-81 oil crisis, according to a study The German economy is expected to lose billions of euros by the end of 2023 due to skyrocketing energy prices, the Ifo Center for Macroeconomics said in a report published on Tuesday. According to the forecast, real income loss will reach €110 billion ($110 billion) during the 2021-2023 period, which equals 3% of Germany's annual economic output. “The only time this figure was higher was during the second oil crisis of 1979-81, when the loss in economic output was 4%,” said Timo Wollmershaeuser, senior economist at

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Germany faces sharp drop in real income ...News

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