According to the expert, Germany is working as a military driver in Europe.
German economic prospects are worsening, primarily due to, as it turns out, lower household consumption Ifo institute Summer forecast.
Last year, the IFO Institute for Economic Research in Munich saw the situation of the German economy in 2023 as more optimistic. However, in the current summer outlook, they have already revised their economic forecasts for the spring downward.
According to the latest forecasts, the German economy will contract by 0.4 percent this year, not less than 0.1 percent, as was expected in the spring. Experts are more pessimistic about 2024. The growth forecast for that year has been cut from 1.7 to 1.5 per cent.
“Things are not going well in German football at the moment.” – said the senior analyst at Ifo, Timo Wollmershäuser, noting that in addition to football, the economy is also at an all-time low in Germany.
Private consumption is likely to be the biggest brake factor for the year, with consumption likely to decline by 1.7 percent due to higher inflation. “It will only grow again in 2024, by 2.2 percent.” Wollmershäuser said, adding: The German economy is slowly emerging from recession.
Europe’s largest economy entered recession in the winter after its gross domestic product contracted in two consecutive quarters.
We are definitely an army driver.
– mentioned the analyst.
The German economy is in trouble – companies will flee
Opening image: Pixabay
