German government downgraded GDP growth forecast for 2024 to 0.2%

The German government has revised its economic forecast, believing that in 2024 the country's GDP will grow by 0.2%. In the fall, it was assumed that this figure will amount to 1.3%, Azernews reports.

According to the agency's sources, such a reduction is due to the low growth rate of the global economy and the decision of the Federal Constitutional Court of Germany, which prohibited spending from the budget of 60 billion euros. The official report of the German authorities should be presented next week.

The German Economy Ministry said it could not comment on the figures, adding that the government would provide information once the official report is published.

Germany's economy is going through a serious crisis. In 2023, the country's GDP will shrink by 0.3% compared to 2022. Experts of the German Federal Statistical Office note a decrease in the purchasing power of the population due to rising consumer prices by the end of 2023. According to media reports, many Germans were forced to save money.