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Deutsche CEO: Recession in Germany inevitable
Deutsche Bank Chief Executive Officer (CEO) Christian Sewing remarked on Wednesday that it is inevitable Germany will experience a recession but also expressed his confidence the country's economy will be able to respond to it if the central bank, the Bundesbank, takes appropriate and timely measures.
Speaking at the Handelsblatt Banking Summit in Frankfurt, Sewing noted that Russia's military operation in Ukraine "destroyed a number of certainties" in the global economy. He also warned that his country should become less dependent on China as the tensions between Beijing and the United States "pose a considerable risk for Germany."
Sewing thus reiterated the warning he made in June when he projected that Europe and the US will likely face a recession in 2023.