The consequences of the war in Ukraine are depressing the mood of German companies: 30 out of 48 industry associations expect business to deteriorate in 2023. Energy-intensive sectors are particularly gloomy about the future.
Foto: Markus Spiske/Unsplash
The mood among business associations is "extraordinarily negative," says Michael Hüther, director of the employer-affiliated Institut der deutschen Wirtschaft (IW). His institute surveyed nearly 50 business associations. Thirty of them expect their business and production activities to be lower next year than this year.