Grim economic forecast issued for Germany ...News

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Grim economic forecast issued for Germany
Eurozone’s largest economy won’t escape recession this year, researcher Ifo warns Germany is facing a winter recession as the economy has continued to shrink amid the deepening cost-of-living crisis, the Ifo Institute for Economic Research reported on Wednesday. In the first quarter, gross domestic product (GDP) is expected to fall by 0.2%, the report suggests. The economy contracted by 0.4% in the fourth quarter of 2022 compared to the previous three months. A recession is defined as two successive quarters of contraction. The Ifo forecasts economic output in 2023 to remain at roughly the same level as the year b

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