(ANSA-AFP) - BERLIN, FEB 21 - The German government slashed
its growth forecast for 2024 on Wednesday, warning that Europe's
largest economy was in "rough waters" as it battled a series of
headwinds. The economy ministry now sees output expanding by a
mere 0.2 percent this year, as weak exports, high interest rates
and a stuttering green transition hold back the recovery. In its
autumn projections, the government was still expecting 1.3
percent growth. The downward revision comes after the German
economy shrank by 0.3 percent in 2023, and recent data suggest
the first quarter of 2024 could see another contraction. A swift
and strong rebound is not on the cards, with the economy
ministry forecasting annual growth potential capped at around
0.5 percent on average up to 2028, according to the latest
report. (ANSA-AFP).
ALL RIGHTS RESERVED © Copyright ANSA
