The economic research institute Ifot sharply cuts its estimate for growth in the German economy to just 0.2 percent for 2024, just weeks after cutting its forecast to 0.7 percent in January from 0.9 percent in December. .
"Restrained consumer spending, high interest rates and inflation, the Government's austerity measures together with weak global growth are weakening the economy and leading to another winter recession," Timo Wollmershäuser, head of of the Ifo forecasts.
The institute expects a recovery in the second half of the year, and has improved growth for 2025 by 0.2 percentage points to 1.5%.
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