German economy battered with 'perfect storm' as downturn deepens

German economy battered with
# 21 February 2024 15:09 (UTC +04:00)

The German economy has been hit by a "perfect storm" consisting of weaker exports, costly energy and faltering green transition, leaving Chancellor Olaf Scholz's coalition at odds over how to reverse course, APA reports citing Daily Sabah.

The government will unveil its latest economic forecasts for 2024 on Wednesday, with media reports suggesting a sharp downgrade to a mere 0.2% growth.

In its autumn projections, the government still expected output to expand by 1.3%.

The country ended 2023 in recession, shrinking by 0.3%, and the latest data suggest the first quarter of 2024 will see another contraction.