German government expects Europe's largest economy to slide into recession next year, contracting 0.4 percent as an energy crisis, rising prices and supply bottlenecks take their toll on the country
Europe has been roiled by a gas stand-off with Russia since the offensive on Ukraine in February that has left governments scrambling to secure energy supplies and cushion households from rocketing prices.
The government has cut its growth forecast for 2022 to 1.4 percent from an April projection of 2.2 percent, the sources added on Thursday. It had previously forecast growth of 2.5 percent for 2023.
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