German economy heading towards recession

SARAJEVO, (Patria) - The German economy has not grown at all in the past three months compared to the first quarter of last year, the Statistical Office announced today.

Economists predict that economic growth in the second quarter will be only 0.1 percent.

If the economy does not grow in the next three months, the country will fall into recession, economists and statisticians point out.

"Difficult global economic conditions, with the pandemic still ongoing, supply chain disruptions, rising prices, and the war in Ukraine, are clearly reflected in the development of the German economy," the Statistical Office states.

Whether the German economy will remain at zero growth will be seen in a few weeks.

Jörg Kremer, Chief Economist at Commerzbank, assumes that the German economy is already in recession.

How severe that recession will be, according to him, depends on Russian President Vladimir Putin.

"If there were a complete cessation of Russian gas supplies, a severe recession would become inevitable," he assessed.