The German economy is likely to grow much less strongly this year than previously thought. Five leading German research institutes reported this.

The growth of Europe’s largest economy is expected to reach 0.8 percent, while an earlier 1.9 percent increase was expected. The researchers also point to major risks for the German economy such as rising global trade tensions and a chaotic brexit. Uncertainty about the Chinese economy is also a risk factor, according to the well-known Munich research institute Ifo.

“The years of revival of the German economy is over,” said one of the researchers. According to the institutions, for example, the size of the global economic downturn was underestimated. Incidentally, the chance of a recession of the German economy is considered low by the experts. The forecast for economic growth in Germany of 1.8 percent in 2020 was maintained.

Earlier in the day, it was announced that German factory orders fell unexpectedly sharply in February, by more than 4 percent on a monthly basis. That is the strongest order shrink in more than two years. Orders from abroad in particular fell sharply.

Load More Related Articles
Load More By WeeklyNews staff
Load More In Business

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Svitzer employees go on strike

Employees of towing company Svitzer in IJmuiden have deposited the work since 12 noon on S…