Infla­tion, the energy crisis and mate­rial worries will conti­nue to cause tension in 2023. hardly let up. This makes prag­ma­tic access to liqui­dity for opera­tio­nal busi­ness, trans­for­ma­tion proces­ses and M&A projects all the more important.

It was a diffi­cult last year for the economy: no sooner had the Corona infec­tion figu­res subs­i­ded some­what — and retail­ers, event orga­ni­zers and the tourism indus­try were raising hopes of a rapid reco­very — than the nega­tive spiral really began to take hold. In addi­tion to the never-ending mate­rial shorta­ges, there was also the war in Ukraine and gallo­ping infla­tion. Nevert­hel­ess, experts such as the German Coun­cil of Econo­mic Experts1 expect GDP to rise by 3.6 percent in 2023. Howe­ver, this seems some­what opti­mi­stic in view of deve­lo­p­ments to date — some criti­cal obser­vers believe that prolon­ged econo­mic stagna­tion or even a reces­sion is quite likely from the second half of 2023.

One of the main reasons is the current infla­tion rate: 2022 was charac­te­ri­zed by record levels such as in May — where infla­tion was almost eight percent higher than in the same month of the previous year, accor­ding to the Fede­ral Statis­ti­cal Office2. Simi­lar high values were last seen in 1973 and 74; at the time of the oil crisis.

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