MOSCOW: The German economy has had the bottom progress amongst all economies in the euro area since the start of the COVID-19 pandemic, the German Council of Economic Experts stated Wednesday, reported Sputnik.
“The COVID 19 pandemic and the power disaster have left their marks in Europe and particularly in Germany. German output continues to be slightly below the extent it was at when the pandemic began virtually 4 years in the past. Since the start of the pandemic, Germany has had the bottom progress amongst all economies in the euro area,“ the council stated in an annual report dubbed “Overcoming Sluggish Growth – Investing in the Future.”
The council cited the sharp rise in power costs final yr and the excessive share of power-intensive industries in Germany as the explanations for this improvement.
“However, the medium- and lengthy-time period projection of Germany’s potential output … factors to clear obstacles to progress in the approaching many years, irrespective of the present financial weak point,“ the report learn.
The council expects Germany’s gross home product (GDP) to say no by 0.4 per cent in 2023 but additionally expects a 0.7 per cent GDP progress in 2024. The council additionally “forecasts a median inflation price of 6.1 per cent for 2023 and a couple of.6 per cent for 2024.” – eNM, Sputnik
