India's goods exports may see a marginal impact from a recession in Germany but the merchandise outbound shipment was anyway expected to slow down in 2023-24.
The impact will be large if recession in Germany spreads to other countries in the Eurozone, but experts believe there won't be a significant drop in EU's GDP.
Germany the largest economy in Europe and the fourth largest in the world slipped into recession after it witnessed a dip in the first quarter of 2023. Germany's gross domestic product (GDP) was down 0.3 per cent in the first quarter of 2023 against a drop of 0.5 per cent during the last quarter of 2022.
The International Monetary Fund (IMF) had predicted Germany's economy to contract 0.1 per cent in 2023 against 1.8 per cent growth in 2022. "It (recession in Germany) is not a surprise. I don't think it will spread to other countries in the Euro area so much that it will dip economic growth in the region significantly," Bank of Baroda chief economist Madan Sabnavis said.
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