Germany revises 2024 growth forecast to 0.2% amid economic challenges

Europe's largest economy faces a near-stagnant growth projection, down from 1.3%, as geopolitical tensions, high inflation, and energy concerns weigh heavily.

German Economy Minister Robert Habeck confirms a significant downgrade in the 2024 growth outlook, citing a 'perfect storm' of challenges.
The German government revises its growth forecast to 0.2%, a sharp decline from the previously expected 1.3%.
High inflation, geopolitical uncertainty, and the loss of cheap Russian gas imports are identified as major obstacles to recovery.
Small and midsize businesses express concerns over Germany's competitiveness, urging action to overcome political gridlock and support a green economy transition.
The Bundesbank warns of a potential recession, with the economy expected to shrink in the first quarter of 2024.