Posted 3/22/2024, 3:21:30 PM
Germany Enters Recession as Growth Forecasts Slashed on Weak Demand
- German economy likely in recession in Q1 2024 due to weak consumption and industrial demand
- GDP expected to contract 0.1% in Q1 based on recent indicators and analyst forecasts
- Bundesbank says Germany is in a 6-month economic slump, though severe downturn unlikely
- Domestic demand remains weak due to high interest rates and uncertainty over issues like climate policy
- Forecast for 2024 growth cut to just 0.1% as recovery is delayed amid poor industrial activity
