That is a steep mark down from its previous forecast of 0.9%. The institute adds that economic output is expected to stagnate in the first half of this year. As for next year, they see the German economy growing by 1.2%. And even then, that will just put German GDP at 2% above its pre-pandemic levels in 2025.
Germany's IfW Kiel economic institute slashes 2024 GDP forecast
- The institute now expects the German economy to grow by just 0.1% in 2024
