The German economy is expected to shrink in 2024.

◻️The German Ministry of Economics has lowered its economic growth forecast for 2024. The economy is expected to shrink by 0.2%. The German economy shrank by 0.3% in 2023.

◼️Previously, leading economic institutes had predicted a 0.1% contraction for 2024. The ministry is planning to raise its growth forecast for 2025 from 1% to 1.1%.

◻️The government plans to take various measures to stimulate this growth.