Germany, pessimistic about the future - Reduces forecast for economic growth in 2025
Germany has cut its economic growth forecast for this year to 0.3%. The German economy has faced major challenges in recent years, affected by global crises and domestic structural problems.
The German government has cut its economic growth forecast for 2025 to 0.3%, official sources said. The new projection is much lower than the government's previous forecast of 1.1% growth, which was published in October.
Germany has not achieved any significant economic growth in the past four years as it struggles to cope with major changes in the global economy and its own structural challenges. Preliminary figures released two weeks ago showed gross domestic product shrank by 0.2% last year, after a 0.3% decline in 2023.
The economy is one of the main issues in the campaign for the German snap parliamentary elections on February 23. The electoral process will be held seven months ahead of the originally scheduled date, after Chancellor Olaf Scholz's three-party coalition collapsed in November.
Vice Chancellor Robert Habeck, who is also the economy minister, said in a statement that "the global crises of recent years have hit the industry- and export-oriented economy hard."
According to him, Germany suffered from fundamental structural problems, including a shortage of skilled labor, "excessive bureaucracy and weakness of public and private investment."
Habeck noted that "high uncertainty" about U.S. economic and trade policy has held back investment and affected consumers.
Germany's main industry lobby group has issued an even bleaker outlook for this year. It predicts the economy will contract again, shrinking by 0.1%.
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