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ECB MEMBER NAGEL: GERMAN ECONOMY MAY GAIN SOME MOMENTUM AGAIN
On Tuesday, European Central Bank member and Bundesbank Governor Joachim Nagel made some important comments regarding economic activity in Germany, assuming that the country's economy should gain some momentum to grow again, but at a slow pace.
In addition, Nagel said that the main factors behind Germany's growth were the energy crisis, weak foreign demand and high inflation, but the consequences of high inflation led to a decline in economic activity; many consumers refrained from spending, and in addition, the ECB's tightening of monetary policy weakened economic activity in Germany.
In its recent monthly report, the Bundesbank expected that Germany's economic growth rate would decline - and possibly enter a recession - in the third quarter due to weak manufacturing activity, investment and consumer spending at the same time. 0 reply
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