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- BDI slashes Germany’s 2022 GDP forecast, warns of recession
BDI slashes Germany’s 2022 GDP forecast, warns of recession
Germany's BDI warned of an inevitable recession in Europe’s largest economy, in the face of a halt in Russian gas deliveries.
Additional takeaways
The industry association slashed its economic forecast for 2022 on Tuesday.
German GDP is now expected to grow by 1.5% vs. the 3.5% previous forecast given before war broke out in Ukraine.
A return to pre-crisis levels is not expected before the end of the year at the soonest.
Market reaction
EUR/USD is catching a fresh bid above 1.0500 in the last minutes, shrugging off the dire German economic outlook. The pair is adding 0.20% on the day to trade at 1.0527, as of writing.
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