2024-09-25 13:29:08
Economy
Business

Germany's Economic Forecasts Revised Downward

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Leading economic institutes such as DIW, Ifo, and the OECD have revised their forecasts for Germany, signaling a downturn in the nation's economic prospects. The GDP is expected to decline by 0.1% in 2023, with a modest growth of 0.8% anticipated in 2024. The OECD's outlook mirrors this trend, projecting a 0.1% growth for 2023 and 1.0% for 2024. Germany's economic stagnation stands in stark contrast to the more optimistic forecasts for other countries like Spain, which is expected to grow by 2.8% in 2024, and the global economy at 3.2%.

High energy prices, bureaucratic hurdles, and a shortage of skilled labor are key factors hindering Germany's growth. Associations and banks are urging the government to implement significant reforms and invest in renewable energy, infrastructure, and education.

The German export industry is also facing challenges, with a notable decline in foreign orders particularly in the metal and automotive sectors. Despite rising real wages and decreasing savings rates, consumer spending remains subdued.

The OECD highlights that while global trade is recovering faster than expected, Germany's economic outlook remains bleak, with risks from geopolitical tensions and trade policy uncertainties. The upcoming government growth package aims to address these issues, but the path to recovery appears to be fraught with challenges.

The institutes' joint fall 2024 diagnosis, expected to be presented on Thursday, will provide further insights into Germany's economic trajectory.

gmx
24. September 2024 um 13:16

Economic institutes want to lower forecast

Economy
Politics
Leading institutes like DIW and Ifo are lowering their economic forecasts for 2023 and 2024: GDP decline of 0.1% in 2023, 0.8% growth in 2024. Germany is in an economic downturn, the government is planning a growth package, but associations are demanding reforms due to high energy prices, bureaucracy and skilled labor shortages. The institutes will present their joint diagnosis for fall 2024 on Thursday.
gmx
25. September 2024 um 09:02

OECD Lowers Economic Forecast for Germany

Economy
Finance
Politics
OECD lowers its forecast for Germany: 0.1% in 2023, 1.0% in 2024; Eurozone at 0.7% and 1.3%; declining inflation and less restrictive monetary policy provide support; however, risks from tensions, cooling labor markets, and falling oil prices; OECD, which unites democracies and market economies, including emerging countries.
n-tv.de
25. September 2024 um 09:02

"Hopes for 2024 disappointed": Banks: Longer economic downturn due to low sentiment - n-tv.de

Economy
Politics
Finance
Banks lower economic forecast: Stagnation in 2024, 0.7% growth in 2025; Restrained consumer spending despite rising real wages and falling savings rate; Federal government must implement growth initiative, create a sense of optimism and invest in renewable energies, networks, transport infrastructure and education; Germany has a half-lost decade after the coronavirus pandemic.
AFP
25. September 2024 um 10:29

OECD Raises Outlook for Global Economy - Germany Continues to Fall Behind

Economy
Politics
OECD slightly raises growth forecast for 2023; Spain, the UK, and France are performing better than expected; Germany continues to fall behind; the USA and China remain unchanged; Brazil shows significant improvement.
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