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German Recession Will Be Milder Than Expected: Ifo

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Shoppers walk down the main shopping street Hohe Strasse in Cologne, Germany, on Dec. 15, 2020. (Thilo Schmuelgen/Reuters)

BERLIN—Germany’s recession will be milder than expected, with the economy expected to contract by 0.1 percent in 2023 compared to a previous forecast of shrinking by 0.3 percent, the Ifo economic institute said on Wednesday.

The economy is expected to grow by 1.8 percent in 2022 compared to a previous forecast of 1.6 percent. Inflation is seen at 7.8 percent this year, 6.4 percent next year, and 2.8 percent in 2024, Ifo said in a statement.

Economic growth is expected to bounce back to 1.6 percent in 2024.

“In the two quarters of the winter half-year 2022/23, the gross domestic product shrinks, but then it goes up again,” said Ifo’s head of forecasts, Timo Wollmershaeuser.

Reuters

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