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19/06/2023 17:40

BDI expects German economy to stagnate in 2023

The German industry lobby, BDI, has pegged that the country's economy will experience stagnation in 2023.

Factors such as a decline in investments, high inflation, and a shortage of skilled workers are expected to hamper growth.

BDI President Siegfried Russwurm stated that Germany is currently in a recession and anticipates that the gross domestic product will remain around the same level as the previous year, with a marginal increase or decrease. The association highlighted a rise in equipment and patents investments but noted a decline in the construction sector, which significantly affects the overall economic outlook.

Russwurm emphasized the need for structural reforms and urged politicians to improve the tax framework for investments while expediting planning and approval procedures. Entrepreneurs are reportedly growing increasingly impatient and uncertain amidst these challenges. BDI anticipates a more noticeable recovery in the economy to occur only in the following year.