Germans interviewed by Reuters said they were putting off spending decisions as inflation bit into their income, while a broad range of economic data suggest the picture will not improve for months into 2023. READ:
“I said to my son: ‘We can’t expect our guests to pay 60-70 euros for a serving of goose,’” Mr. Jost told Reuters.
It is set to become the biggest Group of Seven economy to fall into recession next year. The International Monetary Fund sees output shrinking 0.3% compared to albeit modest average growth of 1.1% across its benchmark of advanced economies. “We are dealing with the fact that we will have long term, significantly higher energy prices,” Ms. Malmendier told Reuters, adding that this could have a similarly long-term impact on consumer spending, which policy-makers would need to address.Already, the SVR sees weak private consumption scraping 0.3 percentage points off total German growth in 2023, contributing to the recession that the IMF and others now predict.
Tobias Rademacher, a software developer from Leipzig, just received his new power bills for the upcoming year. He says he will have to set aside twice as much of his income to cover the bills in 2023, compared to this year. The HDE retail association has warned its sector faces the biggest slump in Christmas sales this year since 2007. Discount retailer Primark said in November it was looking to reduce its presence in Germany as it grappled with weak sales and rising costs.
The low morale readings were further underlined in a recent cross-country study by EY consultancy which showed that 23% of Germans fear for their finances compared to just 16% in France.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
San Diego continues to lead PHL women’s chess championship - BusinessWorld OnlineMs. San Diego escaped the upset axe from Largo with a 33-move draw of a Queen’s Pawn London System to continue to lead the way after eight rounds of the Philippine National Women’s Chess Championship at the PACE yesterday. READ:
Read more »
Lady Archers set a finals date with Lady Bulldogs - BusinessWorld OnlineDLSU set a much-awaited finals date with familiar foe NU, earning a 74-69 decision over a pesky UST side in the do-or-die Final Four of the UAAP Season 85 women’s basketball tournament yesterday at the Mall of Asia Arena. READ:
Read more »
Argentina, the Netherlands gain World Cup quarterfinals berths - BusinessWorld OnlineAL RAYYAN, Qatar — Lionel Messi scored his first goal in a World Cup knockout round in his 1,000th match to beat Diego Maradona’s tournament tally, as Argentina beats off a frenzied Australia fightback to win 2-1 on Saturday and reach the quarterfinals.
Read more »
Income inequality and the quality of democracy - BusinessWorld OnlineOver the past several days, television networks, newspapers, and social media have reported that a recent World Bank study showed that income inequality in the country remains very high.
Read more »
Brooks defeats strawweight champion Pacio in ONE Championship - BusinessWorld OnlineJoshua Pacio relinquished his strawweight title to American challenger Jarred Brooks, absorbing a unanimous decision loss as ONE Championship marked its Philippine comeback for ONE 164 after almost three years due to the pandemic. READ:
Read more »