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Germany scrambles to avoid recession amid inflation and energy crisis | DW News

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The German government is vowing rapid cash-assistance for small- and mid-size companies facing massive energy-bills this winter. The German economy-minister meeting today with industry groups from across the country. They've been pressuring Berlin for help as energy-prices soar to record-heights and leave them unable to pass costs along to consumers. Some firms are already lowering production. Industry-leaders are meanwhile warning of growing insolvencies. Economists are now projecting a 'winter recession' for Germany saying the economy will contract in 2023. Recent figures are already drawing an increasingly grim outlook: New data confirms an annual inflation rate of almost 8-percent in August. Higher prices cut into purchasing power making it difficult for consumers to afford the same things they could a year prior. Soaring energy-costs are driving that inflation led by natural gas: The European benchmark is now three-quarters more expensive than it was this time last year. Russia's war on Ukraine is largely responsible for that trend. Another worrying figure is the growing number of insolvencies in Germany or companies that cannot cover their debts or liabilities. That figure rose 6.6 percent in July from the prior-month those are the last fresh figures we have.

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#Inflation #Economy #energycrisis
Category
Europe
Tags
DW News, germany economy, germany recession
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