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International Business Times
International Business Times
Business
Michelle FITZPATRICK

German Govt Sees Economy Shrinking Again In 2024

Economy Robert Habeck Germany Europe
Stubbornly weak domestic and foreign demand, high interest rates and costly energy in the wake of Russia's war in Ukraine have all weighed heavily on the German economy (Credit: AFP)

The German government slashed its 2024 forecast Wednesday for Europe's largest economy, saying it will contract for a second straight year before a recovery gets under way in 2025.

Output is expected to shrink by 0.2 percent in 2024, the economy ministry said in a statement, a sharp downgrade from the 0.3-percent expansion previously forecast.

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