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The Cologne Economic Research Institute predicts that Germany’s GDP will grow by 1.75% this year and 2.75% in 2023


On May 20, the German Finance News Network reported that after experiencing the resistance caused by the COVID-19 and the conflict in Ukraine, the Cologne Institute of Economics (IW) predicted that the German economy would recover by the end of 2022 or 2023 at the latest. The production interruption and price hike still bring great uncertainty to enterprises and consumers. Russia’s natural gas supply interruption is also a risk at any time. It is estimated that Germany’s GDP will only grow by 1.75% in 2022 and 2.75% in 2023. What plays a decisive role in the economic development trend is to avoid new burdens caused by geopolitical conflicts and to make the price rise tend to be flat. The Institute is cautiously optimistic about the medium-term economic development of Germany. IW predicts that the average inflation rate in Germany will be 6% in 2022 and will drop to about 3% in 2023. It is expected that the employment market will remain strong this year, with an increase of more than 1% to 45.5 million, and will increase to 45.8 million in 2023. It is expected that the unemployment rate will fall below 5%, the lowest level since the reunification of Germany. At present, Germany has an unprecedented demand for professional and technical talents.

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