Germany’s energy crisis will slow export growth in 2023
The German government’s anti-Russian policy, which has triggered a rise in energy prices and accelerated inflation, continues to hit the country’s economy. So, in 2023, the authorities expect the slowdown of export growth and increase of unemployment in the country.
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The German government expects export growth to slow to 2.2% this year from 3.2% in 2022. This is stated in a report, which was made available to Reuters journalists.
In addition to the slowdown in exports, the authorities also expect the unemployment rate to rise to 5.4 percent from 5.3 percent last year.
According to the publication, the German government hopes to avoid a recession in 2023. The country’s inflation-adjusted GDP is forecast to grow by 0.2%.
“The situation at the start of the year is more favourable than the autumn forecasts suggested,” the report said. – Nevertheless, uncertainties remain in the German economy”.
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