In Germany, 1.4 million companies are facing bankruptcy. Experts expect a winter recession, it will also affect ice

It will lead to the worst energy crisis since 1973, when the first oil well appeared, according to Minister of Economy and Climate Protection Robert Habeck. Pictured in the Energy Park in Bad Lauchstdt near Leipzig.
Author ▪ Reuters

Nand Germany, the most important economic partner of the Czech Republic and other European countries, continue to do so for a long time. And it will continue. Its economy will grow by 1.6 percent year-on-year this year, thanks to a short-term spring “takeoff” after the worst of the pandemic has passed. But there will be a downhill ride. Germany’s GDP would decrease by 0.3 percent in 2023 compared to this year. The Munich-based Institute for Economic Research (IFO) stated this in its forecast published on Monday. In recent times, this has been the case with a forecast issued by a renowned researcher in Germany.

“We are headed for a winter recession,” comments Timo Wollmershuser, who is responsible for the compilation forecast at IFO. As I mentioned, the current energy crisis caused by the severely limited supply of Russian natural gas essentially means the end of the recovery of Europe’s largest economy.

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The article is in Czech

Tags: Germany million companies facing bankruptcy Experts expect winter recession affect ice

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