Economic Indicators
German industry body slashes forecast, warns of recession if Russian gas halted
2022.06.21 09:35
FILE PHOTO: People walk on a field in front of the skyline, during the spread of coronavirus disease (COVID-19) in Berlin, Germany, April 1, 2020. REUTERS/Michele Tantussi
BERLIN (Reuters) – Germany’s BDI industry association slashed its economic forecast for 2022 on Tuesday and said a halt in Russian gas deliveries would make recession inevitable in Europe’s largest economy.
German gross domestic product is now expected to grow by 1.5%, rather than the 3.5% forecast given before war broke out in Ukraine, the BDI said, adding that a return to pre-crisis levels is not expected before the end of the year at the soonest.
