Manufacturing activity has struggled this year. Germany is set for a prolonged recession this year — the only major European economy to experience an economic contraction during 2023, according to fresh forecasts by the European Commission, the executive arm of the EU. The International Monetary Fund said in July that Germany would likely contract by 0.3% this year. The concept was coined back in 1998 when Germany faced deep economic challenges. Data released in early September showed manufacturing activity in the country fell at its strongest pace since June 2009, excluding the Covid-19 pandemic period.

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Persons: it's Organizations: European Commission, Kremlin, Monetary Fund Locations: Klitten, Germany, Ukraine, Berlin, Europe