Economic growth for Germany cut by experts

In Germany, five leading economic research institutes have lowered the country’s GDP forecast due to factors such as low domestic demand and high gas and electricity prices impacting exports. These economic think tanks in Germany issued their biannual “collective diagnosis” of the German economy, revising their previous growth forecast from 1.3% to just 0.1%. According to the report, the German economy is experiencing weakness with growth forces dwindling. Domestic demand did not rise as projected, partly due to high energy prices making energy-intensive goods less competitive, despite being a strength of the German economy. Another factor affecting the German economy is the government’s strict fiscal policy, which is preparing to adhere to the constitutional debt brake regulations limiting new debt issuance. The collaborative report was compiled by five economic research institutes including DIW in Berlin, IfW in Kiel, IWH in Halle, RWI in Essen and Ifo in Munich.

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