BDI Industry Association: Germany is lagging behind other countries
Tradehay.com: 17/01/2023 - 11:20
• The German economy is expected to shrink 0.3% this year, Germany's BDI industry association said on Tuesday, warning that the energy crisis will continue to weigh on industry in the largest economy. Europe.
• BDI President Siegfried Russwurm said a slight recession is expected to prevail at the start of the year, but things should start to improve in the spring.
• BDI predicts that exports of goods and services will grow 1.0% in real terms this year. However, German exports will continue to grow more slowly than global trade with a 1.5 percent increase, Russwurm added.
• The President of BDI said that Germany is lagging behind other countries where energy prices are not as high. “The cost factor of energy has long undermined not only energy-intensive companies, but also has a significant impact on the entire industry value chain,” he added.
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