Germany's Ifo lowers 2022 growth forecast to 2.2%-3.1%
|Germany's Ifo Institue announced on Wednesday that they revised the 2022 economic growth forecast lower to 2.2%-3.1% from 3.7% in December due to the Russa-Ukraine war, as reported by Reuters.
Assessing this revision, "the Russian attack is dampening the economy via significantly higher raw material prices, sanctions, increasing supply bottlenecks for raw materials and increased economic uncertainty," Ifo's chief economist Timo Wollmershaeuser.
Meanwhile, the German inflation forecast is revised higher to 5.1%-6.1% in 2022 from 3.3% in December.
Market reaction
Germany's DAX 30 Index showed no immediate reaction to this report and was last seen posting small daily gains at 14,520.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.