EU’s largest economy facing new recession – media ...News

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EU’s largest economy facing new recession – media
Germany’s Economy Ministry will downgrade its already meager growth forecast, the Sueddeutsche Zeitung has reported The German economy will contract for a second year in a row, the Sueddeutsche Zeitung newspaper reported on Sunday. Hammered by soaring energy costs after cutting itself off from Russian gas, Germany was the only major developed economy to shrink last year. According to the newspaper, Germany’s Economy Ministry plans to downgrade its 2024 forecast from a growth rate of 0.3% to a contraction of 0.2%. After last year’s contraction of 0.3%, the latest revision will mark the second straight year of reces

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