German economic advisers slash 2022 growth forecast to 1.8%

BERLIN (AP) — The German government’s panel of independent economic advisers has slashed its 2022 growth forecast for Europe’s biggest economy in light of Russia’s invasion of Ukraine and concern over energy supplies and prices. The group forecast that Germany’s gross domestic product will expand by only 1.8% this year. Last year, the country’s GDP grew by 2.9%. The economists said in a statement that “Germany should immediately do everything possible to take precautions against a suspension of Russian energy supplies and quickly end its dependence on Russian energy sources.” Germany on Wednesday triggered an early warning level for natural gas supplies amid concerns that Russia could cut off deliveries unless it is paid in rubles.