- Unlike in previous pandemic waves, it is not just activity in services sector that is likely affected
- Pandemic-related absence from work is likely to dampen economic activity markedly in other sectors also
- German industry still providing a positive impulse
- Supply bottlenecks are easing and better demand conditions are helping
- That sets the stage for a rebound in the spring if the pandemic subsides
Well, I reckon they might have a rethink about the headline remark if they had seen the German February PMI reading here. The omicron impact is proving to be short-lived so unless the situation changes, a recession blip may not materialise in Germany.