German Economy Minister Robert Habeck predicted a 0.4% recession and 8% inflation next year in Germany, Bild daily reported.
The German newspaper relied on the so-called “autumn” forecast of the government, which is scheduled to be published next Wednesday.
These forecasts are similar to those published on September 29 by five German institutions (DIW, IFO, IFW, IWH and RWI) in their autumn report.
Institutions had expected gross domestic product to contract by 0.4 percent in 2023 after rising 1.4 percent in 2022, and inflation by 8.8 percent next year compared to 8.4 percent this year.
According to the Bild newspaper, Habek expects the unemployment rate to rise slightly in 2023 to 5.4 percent from 5.2 percent in 2022.
Source: AFP.