The German government on Wednesday slashed its growth forecast for this year and predicted that Europe's biggest economy would shrink in 2023 as it deals with the fallout from Russia's war in Ukraine, including Moscow cutting off natural gas supplies.
The Economy Ministry said it expects Germany's gross domestic product to grow by 1.4% this year and then decline by 0.4% next year. In late April, it had forecast 2.2% growth in 2022 that would accelerate to 2.5% next year.
