The International Monetary Fund (IMF) announced this Wednesday that it has lowered its growth forecasts for Germany to 1.2% for 2002 and 0.8% for 2023. In its previous forecast, the IMF expected the German economy to grow by 2% in both years.
“Uncertainty is very high, with risks to the benchmark growth forecast biased to the downside and risks to the inflation forecast biased to the upside,” the fund said in a statement, according to Reuters. “The biggest threat is a persistent shutdown of remaining Russian gas exports to Europe.”
The IMF also reviewed its inflation forecast for Germany in 2022 to 7.7% from the previous 6.5%.
market reaction
This report does not seem to have a noticeable impact on the behavior of the shared currency against its rivals. At the time of writing, the EUR/USD pair was posting small daily losses at 1.0218.
Source: Fx Street
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