Posted 2/21/2024, 12:12:39 PM
Germany Slashes 2024 Growth Forecast to 0.2% on Inflation, Geopolitical Uncertainty Dragging Economy
- Germany has drastically lowered its 2024 economic growth forecast to just 0.2% from 1.3% previously
- Inflation is forecast to ease from 5.9% in 2023 to 2.8% in 2024
- Structural issues like skilled labor shortages and underinvestment are hurting competitiveness
- Geopolitical uncertainty and lower foreign demand have obstructed recovery
- The economy is struggling with high inflation and interest rates reducing domestic spending