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Germany On The Brink Of A Winter Recession
The German flag is seen outside Germany's Bundestag, the lower house of parliament. in Berlin, Germany, March 14, 2018. REUTERS/Hannibal Hanschke
CNN: Europe's biggest economy is on the brink of a winter recession
London (CNN Business)Germany is teetering on the brink of recession this winter as supply bottlenecks and a wave of new coronavirus cases hobble the economy.
Europe's largest economy will shrink 0.5% in the fourth quarter of this year, compared with the third, and stagnate in the first three months of 2022, according to projections published Tuesday by the Ifo Institute for Economic Research. An economy is in recession when it contracts for two consecutive quarters.
"Ongoing supply bottlenecks and the fourth wave of the coronavirus are noticeably slowing down the German economy," Timo Wollmershäuser, head of forecasts at Ifo, said in a statement.
"The strong post-pandemic recovery that was originally expected for 2022 still hasn't materialized."
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WNU Editor: If the German economy is entering a recession, it will drag Europe into one.
Germany Is On The Brink Of A Winter Recession
German growth to be slower than expected in 2022 - Ifo -- RTE
Germany facing winter of stagflation as COVID, bottlenecks bite -- Reuters
German economy battered by rising inflation - growth figures slashed as crisis looms -- Express
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