BDI slashes Germany’s 2022 GDP forecast, warns of recession

Germany's BDI warned of an inevitable recession in Europe’s largest economy, in the face of a halt in Russian gas deliveries.

Additional takeaways

The industry association slashed its economic forecast for 2022 on Tuesday.

German GDP is now expected to grow by 1.5% vs. the 3.5% previous forecast given before war broke out in Ukraine.

A return to pre-crisis levels is not expected before the end of the year at the soonest.