Germany reduces growth outlook for 2024
Published on February 21, 2024
German Economy Minister Robert Habeck confirmed on Wednesday a revised outlook for Europe’s largest economy, drastically reducing its growth expectation for 2024.
The economy has swung between stagnation and recession in recent quarters, with Germany being hit by what Habeck described as “a perfect storm”.
What the German government said
The German Council of Ministers approved an economic forecast that revises growth to 0.2% this year – well below the previous forecast of 1.3%.
“We are emerging from the crisis more slowly than we expected,” said Economy Minister Robert Habeck when presenting the report.
“The fact that the global economic environment is unstable and global trade growth is historically low is a challenge for an exporting nation like Germany,” he said.
The government also predicts in its report a slowdown in inflation, from 5.9% in 2023 to 2.8% this year. Habeck, who is also Germany’s vice chancellor, said inflation had been “tame.”
Source: DW
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.