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Energy crisis to push Germany into recession in 2023, warns government
(Clean Energy Wire, 12 Oct 2022) The European energy crisis is set to push Germany into a recession in 2023, as rising energy prices put a damper on industrial production and inflation means citizens will buy less, said the economy ministry in its autumn projection for the country’s economic development.
“We are currently experiencing a severe energy crisis that is increasingly turning into an economic and social crisis,” said economy minister Robert Habeck. The minister called for massive investments into climate neutrality and structural reforms like speeding up planning procedures as key ways to get out of the crisis.
Germany’s economy is set to shrink 0.4 percent in 2023, as the fallout of Russia’s war against Ukraine and especially rising energy prices put a damper on industrial production and private consumption, says the government in its autumn projection for the country’s economic development.
“We are currently experiencing a severe energy crisis that is increasingly turning into an economic and social crisis,” said economy minister Robert Habeck at a press conference. Russia’s president Vladimir Putin wanted to destroy the economic stability in Germany and Europe with high prices and even destabilise society, said Habeck. “I am firmly convinced that Putin will fail as he is currently failing on the battlefield in Ukraine,” he said.
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