German economy to contract in 2023, predicts European Commission
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The European Commission forecasts a 0.4% contraction in Germany's economy in 2023, citing high inflation due to factors such as the Russia-Ukraine crisis. This marks a decrease from the previously projected 0.2%. The country's GDP is expected to make a 1.1% rebound in 2024, lower than the earlier 1.4% projection, with a slump in the construction sector and a slowdown in exports contributing to the revised prediction.