Watch: Forecast by the IMF shows Germany and Italy are to tumble into recession in 2023 | Business Special
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The International Monetary Fund (IMF) on Tuesday predicted that Germany and Italy would both tip into recession next year, as it also lowered its global growth forecast.
Germany — Europe's largest economy — is heavily dependent on Russian gas, which Moscow has cut in suspected retaliation for Western sanctions.
Italy, which is also reliant on Russian fuel imports, is set to see its Gross Domestic Product (GDP) contract by 0.2% — down sharply on the July forecast of 0.8% growth.
Although the eurozone is expected to avoid a recession, the output of the 19 countries in the single-currency bloc is forecast to grow by just 0.5%, worse than previously predicted.
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#recession #Russia #business
Germany — Europe's largest economy — is heavily dependent on Russian gas, which Moscow has cut in suspected retaliation for Western sanctions.
Italy, which is also reliant on Russian fuel imports, is set to see its Gross Domestic Product (GDP) contract by 0.2% — down sharply on the July forecast of 0.8% growth.
Although the eurozone is expected to avoid a recession, the output of the 19 countries in the single-currency bloc is forecast to grow by just 0.5%, worse than previously predicted.
Subscribe: https://www.youtube.com/user/deutsche...
For more news go to: http://www.dw.com/en/
Follow DW on social media:
►Facebook: https://www.facebook.com/deutschewell...
►Twitter: https://twitter.com/dwnews
►Instagram: https://www.instagram.com/dwnews
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Für Videos in deutscher Sprache besuchen Sie: https://www.youtube.com/dwdeutsch
#recession #Russia #business
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Francisco Gimeno - BC Analyst The whole EU as a group is going to have a disappointing economic growth in the next quarter and most probably for the whole 2023. In fact there are warnings already about at even worse Winter of 2023, even when we have not even started this year's cold season. Individual countries are going to balance their obligations to the Eu group and its own internal problems. Germany is the key for this, as it is the big economic power of EU. When forecasters admit Germany is going to be on the tip of recession (a polite way of not putting their feet too much inside the water and saying the situation will be real bad) and other countries like Italy, another economic power will have to front this too, other EU countries will have to "girdle their loins" and work to cope with whatever this downturn brings. That without the added problem of war in Europe or other geopolitical changes affecting many zones, like just now in Iran or China. Meanwhile European politicians, with serious faces, repeat the mantra on "we are doing well given the circumstances". Rational thinking says nobody is going to help us citizens this time but our own commitment to resilience and fight against adversity individually and in community. No time to trust in the old ideas or in saviours, but on our own common sense.