Germany is set for a prolonged recession this year — the only major European economy to experience an economic contraction during 2023, according to fresh forecasts by the European Commission, the executive arm of the EU.
Europe’s largest economy is predicted to post a 0.4% fall in economic activity this year — that’s 0.6 percentage point lower than an estimate made in May, according to the commission, which published new forecasts Monday. The institution also cut its growth expectations for Germany in 2024, from 1.4% to 1.1%.
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