Germany heading for recession, warns Deutsche Bank CEO Christian Sewing

"The longer inflation remains high, the greater the strain and the higher the potential for social conflict," Sewing said.

Europe’s largest economy is set for contraction on the back of soaring inflation, energy supply bottlenecks and the disruption to global supply chains, Deutsche Bank AG Chief Executive Officer Christian Sewing warned.
 

“We will no longer be able to avert a recession in Germany,” Sewing said during a speech in Frankfurt on Wednesday. “We believe that our economy is resilient enough to cope well with this recession -- provided the central banks act quickly and decisively now.” 
 

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