German private banks expect a severe recession in the event of a freeze on imports or deliveries of Russian oil and gas. “A clear recession in Germany would then be difficult to avoid,” said the President of the Association of German Banks (BdB), Deutsche Bank boss Christian Sewing, on Monday. The question of government aid measures for companies and sectors would then become even more urgent. From Sewing’s point of view, it is already clear that the economy will be significantly impacted by the Ukraine war. “The chief economists of the private banks have halved their forecast compared to the estimates before the outbreak of the war.” Growth of around two percent is now expected for 2022. Even this forecast is subject to change.
Private banks – Sewing worried about recession – Economy
