It is reported by TASS with reference to the Ifo report.
“Germany is on the verge of a recession.
High energy prices and the threat of a gas shortage are a heavy burden on the market,” the document says.
According to Ifo calculations, the business climate index fell in July by 3.6 points to 88.6, which surpassed the most negative forecasts of experts and became the lowest figure in the last two years.
It is specified that the deterioration of the indicator was recorded in all sectors of the country's economy.
According to the agency, the corresponding index is calculated on the basis of a survey of about 9,000 German enterprises.
It is considered the main indicator of the German economy.
Earlier it was reported that German banks fear massive defaults due to the situation with Russian gas supplies.