The GDP is expected to contract by 0.5% this year, owing to rising prices and a manufacturing slump.
Germany’s export-driven economy suffers from soaring energy costs due to the Ukraine conflict, ECB rate hikes, and weaker Chinese demand.
Germany faces multiple headwinds including “weakness in interest-rate-sensitive sectors and slower trading-partner demand”, the IMF said in its latest report. Germany’s troubles are set to act as a drag on eurozone growth, with the IMF slightly lowering its 2023 forecast for the 20-nation currency club to 0.7% growth.
The end of cheap Russian gas imports has rattled Germany’s energy-intensive sectors in particular, provoking much hand-wringing about a potential de-industrialisation as companies mull whether to move production abroad. Hoping to boost those efforts, the government has unveiled a €211 billion “climate and transformation fund” to support companies investing in modernisation and boost the green energy transition.
Italia Ultime Notizie, Italia Notizie
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