Think-tanks sharply downgrade forecasts in anticipation of constrained spending over winter months
would average 9.3 per cent next year, up from 8.1 per cent this year, said Ifo, predicting consumer price growth would peak at 11 per cent in the first quarter, which would be a 70-year high.
Europe’s largest economy, which shrank 4.6 per cent after the pandemic hit in 2020, rebounded last year with growth of 2.9 per cent, according to the World Bank. But in the three months to June, the German economy stagnated. Some of Germany’s biggest energy users, from steel to chemical companies, are cutting back on production, and business leaders are warning that soaring prices risk eroding the economy’s competitiveness. ArcelorMittal, Europe’s largest steelmaker, said this month it would switch off one of the blast furnaces at a steelworks in Bremen, northern Germany.
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