Germany expected to reduce growth outlook for 2024
February 21, 2024
German Economy Minister Robert Habeck is expected to confirm 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 can we expect?
Early reports indicate that the German Council of Ministers has approved an economic report that revises growth to 0.2% this year – well below the previous forecast of 1.3%.
A draft report seen by Reuters news agency listed high inflation and reduced purchasing power among obstacles to the recovery.
“The German economy continues to find itself in difficult waters at the beginning of the year,” said Reuters citing the project.
The government is also expected to forecast a slowdown in inflation on Wednesday, from 5.9% in 2023 to 2.8% this year.
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.