German Energy Relief Not Enough to Avoid Recession, ING Says
- Aid measures contain little support for firms, some households
- Commerzbank warns package may stoke already elecated inflation
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Germany’s 65 billion-euro ($64 billion) of aid to help citizens deal with high energy prices probably won’t stave off an economic downturn, according to ING Groep NV.
“While the announced package will indeed bring some relief for the financially weaker ones, it is doubtful that the package will be enough to offset the impact from higher energy bills entirely,” ING economist Carsten Brzeski said Monday in a report to clients.