Berlin The four leading economic research institutes expect the German economy to shrink. In their joint economic forecast, they expect gross domestic product to fall by 0.4 percent in 2023, as the Handelsblatt learned from government circles. For 2022, they forecast growth of just 1.4 percent.
The forecast was prepared by RWI in Essen, Ifo in Munich, IfW in Kiel and IWH in Halle on behalf of the Federal Ministry of Economics. The semi-annually published “joint diagnosis” is to be presented on Thursday.
Compared to their forecast in the spring, the institutes are thus significantly lowering their expectations. At that time they had still expected growth of 2.7 percent for the current year and 3.1 percent in the coming year.