German industrialists do not expect quick recovery of German economy
Joachim Lang, Head of the BDI Federation of German Industries, believes that a quick economic recovery in the current circumstances should not be expected, as the situation around Ukraine and the COVID-19 pandemic greatly slow down the development of the country, TASS reports
“Logically, the federal government has significantly lowered its economic outlook. Recovery in the short term is not expected,” Mr. Lang drew attention, whose words are quoted by the BDI press service.
He also said that the German economy is currently experiencing a double crisis.
“High energy prices and strained supply chains, especially with harsh coronavirus lockdowns disrupting China, are slowing down the development of the conjuncture. The country’s industrial activity, foreign trade and investment are weakening,” added Mr. Lang.
The BDI recalled that earlier, the German authorities, against the background of the special operation of the Russian Federation in Ukraine, adjusted downward the forecast for the recovery of the country’s economy this year. From the new data it follows that this year the GDP of Germany will grow only by 2.2 percent, down from a prediction of 3.6 percent in January 2022.