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Financial News: Ifo Institute Cuts German Growth Outlook

Ifo Institute Cuts German Growth Outlook

03/06/2024 - 07:08:00 (RTTNews)

(RTTNews) - Germany's growth projection for 2024 was downgraded sharply as higher interest rates and fiscal policies hurt economic activity.

In the Spring forecast, released Wednesday, the ifo Institute said the German economy paralyzed.

The institute trimmed growth outlook for this year to 0.2 percent from 0.9 percent, while the projection for 2025 was lifted to 1.5 percent from 1.3 percent.

"Consumer restraint, high interest rates and price hikes, the government's austerity measures, and the weak global economy are currently dampening the economy in Germany and leading to another winter recession," Timo Wollmershauser, deputy director of the ifo Center for Maccroeconomics and Surveys and head of forecasts said.

Inflation is forecast to slow to 2.3 percent this year as gas and electricity prices will become cheaper for consumers. For 2025, inflation is seen at 1.6 percent.

Further, the institute viewed that economic weakness will damp employment growth, causing unemployment to rise further. The jobless rate is seen at 5.9 percent in 2024. The rate is not expected to fall back to 5.6 percent until 2025.

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