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Germany announced plans to spend $195 billion helping both consumers and businesses. Inflation now ravages the German economy, ahead of a possible recession and energy crisis.
Germany's inflation rate increased to a record 10% in September. The news comes after economic institutes predicted that the economy will shrink next year.
Consumer prices rose 10.9 percent over the year through September, much higher than expected, driven by high energy and food prices.
Berlin, Sep 29 (Prensa Latina) The main German economic research institutes predicted today that Germany will enter recession in 2023 due to the burden of gas problems for the German economy.
The crisis on the gas markets is having a severe impact on the German economy. Soaring gas prices are drastically increasing energy costs, leading to a massive reduction of the purchasing power. Despite a decline in the second half of the year, gross domestic product is expected to expand by 1.4 percent this year. For the coming year, the institutes expect a contraction by 0.4 percent, followed by an increase of 1.9 percent in 2024.