Lean – conscious
Germany‘s Economy Ministry expected, on Wednesday, that the country’s economy will contract by 0.2% in 2024, making it the only country in the Group of Seven industrialized nations to record a contraction in output this year.
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The government lowered its expectations from the previous forecast of 0.3 percent growth for this year, as the country failed to recover in the second half of the year.
Germany’s economy was already the weakest among its major peers in the eurozone and other G7 countries last year, with gross domestic product falling by 0.3 percent.
Ahead of those expectations, the head of the German Central Bank said: The German economy is likely to see another year of contraction, with the elections in the United States an additional risk to European growth.
Germany’s central bank had forecast growth of 0.3 percent in June, but said last month that gross domestic product may have stopped growing or contracted in the third quarter, after a slight decline in the previous three months.