Germany forecasts recession, soaring inflation in 2023

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The German economy will contract 0.4 percent next year and inflation will hit seven percent, the government forecast on Wednesday, as Europe's top economy battles soaring energy prices following Russia's gas shutdown.

"We are currently experiencing a serious energy crisis, which threatens to become an economic and social crisis," warned Economy Minister Robert Habeck, as he unveiled the official autumn economic forecasts.

Source(s): AFP