Deutsche Bank downgraded German GDP growth forecast in 2022

Experts from the German financial conglomerate Deutsche Bank announced a deterioration in their forecast for the growth of the German economy in 2022, due to the negative impact on the German economy of the deteriorating geopolitical situation in Europe in connection with Russia’s military invasion of Ukraine. The bank’s updated forecast, based on a moderate price scenario, assumes GDP growth in the range of 2.5% to 3%, while the previous forecast indicated an economic recovery of 4%. As noted in the published report, the growth of the German economy should be supported by an increase in government spending. The experts also reported on their assessment of GDP growth in the event of a more stringent scenario, which involves stopping oil and gas supplies for a certain period. According to this forecast, inflation in the country will increase to 6.5-7%, and the growth of the German economy will be only 1-1.5%.

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Arseny Kudrin

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