Stubbornly weak domestic and foreign demand, high interest rates and costly energy have all weighed heavily on the German economy.
Germany 's Economy and Climate Minister Robert Habeck holds a press conference about the autumn economic projection, in Berlin, Germany , October 9, 2024. / Photo: Reuters
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. Germany was already the only major advanced economy to fall into recession last year when it contracted by 0.3 percent, acting as a drag on the wider eurozone.
At the same time, the country faces structural challenges including an ageing population, increased competition from China, burdensome bureaucracy and a complex green transition."And this is happening amid major geo-economic challenges. Germany and Europe are caught in the middle of crises between China and the United States and must learn to assert themselves," he added.
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