Posted 1/12/2024, 5:16:30 AM
German Economy Faces Slowdown in 2024 Amid Automotive Struggles, Climate Impacts, and Competition from China
- GDP growth expected to decline by 0.6% in 2024, with stagflationary pressures and threat of a "slowcession"
- Automobile industry, a crown jewel of German industry, poised to struggle
- Budgetary constraints expected to create problems for households and consumers
- Unable to compete with China's technological and industrial strength in electric vehicles
- Adverse weather and climate change putting a dampener on the economy