The fact that Germany, the largest economy in the European Union (EU), entered a technical recession in the first quarter of this year may be a sign that the crisis in Germany is on its way. In this respect informs The Austrian newspaper Der Standard.
Since the beginning of 2023, Germany’s gross domestic product (GDP) has decreased by 0.3%. At the same time, the crisis in Germany may spread to neighboring Austria in the near future. The Austrian economy also shrank by 0.3% compared to the first quarter results.
“The negative growth rates of the German economy will continue for a long time, they have already put the Austrian economy in recession and GDP also fell 0.3% in the first quarter. Rising energy prices have become the main cause of high inflation, consumer recession and other negativities.
May 26 Bloomberg cites market participants reportedThe economic security of European Union (EU) countries may be endangered due to the collapse of stability in Germany, the largest production center in the region. According to the results of the first quarter of this year, Germany’s gross domestic product (GDP) falling by 0.3% could prevent the exit from the crisis for most European countries.