{"id":245547,"date":"2023-06-21T10:59:31","date_gmt":"2023-06-21T10:59:31","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=245547"},"modified":"2023-06-21T10:59:31","modified_gmt":"2023-06-21T10:59:31","slug":"german-economy-to-shrink-more-than-expected","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/german-economy-to-shrink-more-than-expected\/","title":{"rendered":"German Economy to Shrink More Than Expected"},"content":{"rendered":"<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bnreport.com\/en\/\"><strong>BNR<\/strong> <\/a>&#8211; The German economy will shrink greater than anticipated this year as high inflation weighs on private consumption. This data is based on forecasts from the <a href=\"https:\/\/www.ifo.de\/en\">Ifo<\/a> Institute.<\/p>\n<p style=\"text-align: justify;\">&#8220;The German economy is only very slowly working its way out of the recession.&#8221; Ifo&#8217;s head of economic forecasts, Timo Wollmershaeuser, said.<\/p>\n<p style=\"text-align: justify;\">The German economy is expected to contract by 0.4% this year. The figure is higher than the 0.1% predicted by the Ifo Institute in March.<\/p>\n<p style=\"text-align: justify;\">&#8220;When we compare Germany with our main trading partners, these countries are at least expected to post growth,&#8221; Wollmershaeuser said. According to Ifo, the\u00a0eurozone GDP will grow by 0.6% this year, while US GDP will grow by 0.9%.<\/p>\n<p style=\"text-align: justify;\">The economic institute has also reduced Germany&#8217;s GDP growth forecast for 2024 to 1.5%. The new percentage is lower than the 1.7% predicted previously.<\/p>\n<p style=\"text-align: justify;\">Inflation is expected to gradually decline from 6.9% in 2022 to 5.8% this year, then to 2.1% in 2024.<\/p>\n<p style=\"text-align: justify;\">The Ifo Institute predicts that core inflation will rise to 6% this year, up from 4.9% last year. This is before it drops to 3% in 2024.<\/p>\n<h3 style=\"text-align: justify;\"><strong>Impact on the Economy: Declining Private Consumption<\/strong><\/h3>\n<p style=\"text-align: justify;\">According to the Economic Institute, private consumption will decrease by 1.7% this year due to inflation. It isn&#8217;t projected to rise again until 2024, when it is expected to rise by 2.2%.<\/p>\n<p style=\"text-align: justify;\">In 2023, the number of unemployed people will increase slightly. The unemployment rate, however, will remain the same\u00a0from last year at 5.3% this year, increasing to 5.5% in 2024.<\/p>\n<p style=\"text-align: justify;\">According to Ifo, new government borrowing will decrease from 106 billion euros ($115 billion) in 2022 to 69 billion this year and 27 billion in 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BNR &#8211; The German economy will shrink greater than anticipated this year as high inflation weighs on private consumption. This data is based on forecasts from the Ifo Institute. &#8220;The German economy is only very slowly working its way out of the recession.&#8221; Ifo&#8217;s head of economic forecasts, Timo Wollmershaeuser, said. The German economy is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":245548,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2081],"tags":[124,278,11440,11762,5868,11761,11763,1165],"class_list":["post-245547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-2081","tag-economy","tag-featured","tag-gdp","tag-german-economy","tag-germany","tag-germany-recession","tag-ifo","tag-inflation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>German Economy to Shrink More Than Expected - Business News Report<\/title>\n<meta name=\"description\" content=\"BNR - The German economy will shrink greater than anticipated this year as high inflation weighs on private consumption.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/german-economy-to-shrink-more-than-expected\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"German Economy to Shrink More Than Expected - 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