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10/7, 8:00 PM (Source: TeleTrader)
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Nagel: Germany will not suffer a deep downturn

Bundesbank President Joachim Nagel (pictured) estimated on Friday that the economic downturn Germany is expecting will not be deep and that it will not be followed by a wave of insolvencies.

The economy will slightly shrink in the third quarter, with contraction intensifying in the fourth trimester and continuing in early 2023, Nagel told Sueddeutsche Zeitung. The country's GDP will rise between 1.3% and 1.5% this year and will be flat in 2023, he added.

Inflation in 2023 will stand at no less than 6%, surpassing Eurozone projections, the leader of the German central bank revealed.

Baha Breaking News (BBN) / MS