Frustration intensifies among European nations as the continent’s biggest economy shrinks. But will this news impact the crypto market? Opinions are split.
Since the beginning of the year, economists had predicted that Europe’s powerhouse couldn’t escape a financial crisis. Today’s data officially confirmed that. The Deutschland slid into recession following the negative GDP growth in the first quarter of 2023.
Recession Hits Germans
All news cited – Germany’s GPD dropped by 0.3% in the first quarter of the year. The figure, coupled with the 0.5% decrease in GDP in the fourth quarter last year, is a clear indicator: Europe’s leading economy has entered a recession. It’s the country’s first recession since 2020.
The energy crisis is said to be the root cause. Germany has endured a long period of power shortage since the Russia-Ukraine conflict. Efforts to seek alternatives for Russia’s gas didn’t pay off and…
