47% of German firms abroad expect economic downturn in 2023: DIHK

20 Nov '22

1 min read

Pic: Shutterstock

A sluggish global economy may lead German exports to drop by 2 per cent in 2023, with nearly half of German companies that sell abroad expecting an economic downturn, according to the German Chambers of Commerce and Industry (DIHK), which recently said that would imply a drop of €70 billion ($72 billion) in the earnings of German exporters.

A survey of 3,100 German companies active abroad found 47 per cent of respondents expect an economic slowdown in their export markets in the next 12 months. In spring 2020, when the pandemic began, that figure was 65 per cent.

DIHK expects at best 2.5 per cent growth for the global economy next year—slightly more pessimistic than the International Monetary Fund's (IMF) forecast of 2.7 per cent.

Exporters, however, appear more confident about the future than companies focused on the domestic market, a global newswire reported.

Nearly two-fifths of respondents expect better business next year, while 42 per cent see their current situation as unchanged, the survey found.

ALCHEMPro News Desk (DS)

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