BERLIN, Dec 14 Reuters Germany39;s recession will be milder than expected, with the economy expected to contract by 0.1 in 2023 compared to a previous forecast of shrinking by 0.3, the Ifo economic institute said on Wednesday.

The economy is expected to grow by 1.8 in 2022 compared to a previous forecast of 1.6. Inflation is seen at 7.8 this year, 6.4 next year and 2.8 in 2024, Ifo said in a statement.

Economic growth is expected to bounce back to 1.6 in 2024.

In the two quarters of the winter halfyear 202223, the gross domestic product shrinks, but then it goes up again, said Ifo39;s head of forecasts, Timo Wollmershaeuser.

Reporting by Rene Wagner; writing by Matthias Williams Editing by Paul Carrel

Source Reuters