Germany ‘not going into recession’ in 2023: Scholz

'I’m absolutely convinced this will not happen' theSun theSundaily Germany recession economy EconomicCrisis business

: Germany will avoid a painful recession this year, Chancellor Olaf Scholz said Tuesday, predicting that Europe’s largest economy will overcome elevated energy prices following the Russian invasion of Ukraine.

In the most recent forecasts made in October, the German government said it expected the economy to shrink by 0.4 percent in 2023. But a dash to source alternative supplies of the fuel and a relatively mild European winter have relieved the pressure on Germany. “I think no one really expected that we would easily survive a situation where there would be a total stop of the supply of Russian gas to Germany,“ Scholz said.

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