Economic research institute Ifo sharply cuts its estimate for growth in the German economy to just 0.2% for 2024. Just weeks after cutting its forecast to 0.7% in January from 0.9% previously.
"Restrained consumer spending, high interest rates and inflation, government austerity measures together with weak global growth are weakening the economy and leading to another winter recession," says Ifo. The institute expects a recovery in the second half of the year, and improved growth for 2025 by 0. 2 percentage points to 1.5%.