German economic institutes slash 2024 GDP forecast to 0.1%
- Germany was the only G7 economy to contract in 2023, with GDP shrinking by 0.3%, attributed to high interest rates and weak global demand.
- Five German economic research institutes revised the country's GDP growth forecast for 2024 from 1.3% to 0.1% due to cyclical and structural weaknesses.
- German economic output remains stagnant post-pandemic, with declining exports and weakened price competitiveness for energy-intensive goods, impacting overall growth forecasts.
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