German economy to shrink further in 2024, think-tanks issue statement
The Hindu
Germany's economy to shrink in 2024, with slow recovery expected in 2025 and 2026, due to ongoing challenges.
Germany’s economy is expected to shrink slightly in 2024, leading economic institutes said on Thursday, as the traditional manufacturing powerhouse continues to stagnate.
Output in Europe’s largest economy will decline by 0.1% this year, five think tanks said in a joint statement, after it shrank by 0.3% in 2023.
The new figure was a small but significant downgrade on the institutes’ previous estimate of 0.1% GDP growth for 2024, made earlier this year.
“The German economy has been stagnating for more than two years,” the institutes - DIW, Ifo, IfW Kiel, IWH and RWI, said in the joint statement.
“A slow recovery is likely to set in next year, but economic growth will not return to its pre-coronavirus trend for the foreseeable future,” they said.
The institutes’ forecast growth to reach 0.8% in 2025, a downward revision on their earlier estimate of 1.4%.
For 2026, they predicted the German economy to expand by 1.3%.
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