The economy did not match the result of 2021 when gross domestic product It increased by 2.6 percent, but the result is higher than 1.8 percent. Expectations, and during the year 2022 we read a lot of very pessimistic predictions. Some commentators have ever questioned whether Germany could manage economically without Russian gas.
Here are other data that indicate this Germany Overcoming problems, a large part of which was related to the turmoil in the energy resource market due to the Russian invasion of Ukraine.
Inflation is slowing and the recession in 2023 is not expected to be deep
We met before German CPI inflation data for December, which slowed faster than expected. It amounted to 8.6 percent. YoY (YoY) vs. 9.1% forecast And 10 percent reported a month ago.
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See also: crisis in Germany. Rising costs hit the middle class
Currently, most experts expect a mild recession in 2023. However, the significant economic downturn that is sometimes feared is unlikely to happen. “There is now a consensus on that There will be no deep recession in the eurozone and Germany“Ultimately, gas shortages became a possibility,” Commerzbank’s chief economist Jörg Kramer said in a statement to the ARD TV portal transmitted by PAP.
The Kiel Institute for the World Economy (IfW) expects Germany’s GDP to grow by 0.3% this yearwhich should accelerate to 1.3% in 2024.
German Economy – Risks remain high
Meanwhile, risks to the economy remain high. These include the escalation of Russia’s war with Ukraine and the current wave of the virus in China, Germany’s most important trading partner, which could lead to further disruption to supply chains. This, in turn, can slow production, ARD notes.
Signs of a slowdown can be seen in the fourth quarter data. Compared to the third quarter, the German economy has stagnated during this period.
Better than previously feared Germany’s economic condition is also good news for Poland. Germany is our main trading partner, and the slowdown in Germany will be one of the main reasons why our economy will also slow down in 2023. According to various estimates Poland’s GDP in 2023 should be 0-1%.
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