German finance ministry report outlines bleak future for economy

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CHROMORANGE/Bilderbox/Global Look Press
CHROMORANGE/Bilderbox/Global Look Press

Germany may soon face a sharp rise in energy prices, as well as supply chain disruptions, according to a monthly report on the website of the German Treasury.

Analysts of the foreign agency, giving a disappointing forecast, noted that, according to the results of the second quarter of this year, the country’s economy was in a stagnant state.

“A significant decline in gas supplies from Russia, persistently high prices for energy and other commodities, and longer-than-expected disruptions to supply chains, including due to China’s so-called zero-COVID-19 policy, have weighed heavily on economic development,” the publication reads.

Employees of the German Ministry of Finance reminded that an updated economic forecast for the country will appear on October 12, 2022.

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