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MNI BRIEF: Germany Set For Recession, Higher Inflation - Ifo

(MNI) LONDON
(MNI) London

Lower growth and higher inflation the backdrop for Germany's economy in 2023, Munich-based Ifo say.

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Germany is heading for a recession in coming months, with the economy likely to shrink by 0.3% in 2023, the Munich-based Ifo Institute said Monday. More dramatically, Ifo sees German inflation averaging 8.1% across the whole of 2022, but rising to an average annual level of 9.1% across 2023, with prices rising above 11% in the first quarter (See MNI: EC Fears Govts Undermining ECB Inflation Fight-Officials).

“We don’t expect a return to normal until 2024, with 1.8 percent growth and 2.5 percent inflation,” Timo Wollmershauser, Ifo’s Head of Forecasts said.

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Germany is heading for a recession in coming months, with the economy likely to shrink by 0.3% in 2023, the Munich-based Ifo Institute said Monday. More dramatically, Ifo sees German inflation averaging 8.1% across the whole of 2022, but rising to an average annual level of 9.1% across 2023, with prices rising above 11% in the first quarter (See MNI: EC Fears Govts Undermining ECB Inflation Fight-Officials).

“We don’t expect a return to normal until 2024, with 1.8 percent growth and 2.5 percent inflation,” Timo Wollmershauser, Ifo’s Head of Forecasts said.

Keep reading...Show less