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German economy is expected to barely grow in 2024

German BDI industry association expects the German economy to grow by only 0.3% in 2024. This is a minimal growth projection compared to the anticipated global economic expansion of 2.9%.

According to the BDI president, the German economy is currently at a standstill and is falling behind many other major industrialized countries.

The German economy contracted by 0.3% in 2023, attributed to persistent inflation, high energy prices, and weak foreign demand.

The challenges faced by the German economy in the previous year have not diminished, making 2024 another difficult year. Modest growth is expected from a potential recovery in consumption as inflation eases.

The BDI sees the central bank’s interest rate policy as a potential ray of hope, especially as a decline in inflation may open the door for gradual interest rate cuts. However, the real impact on the economy may not be noticeable until spring 2025.

The BDI predicts that German industry, particularly energy-intensive sectors, may struggle to bounce back. High electricity prices are cited as a factor contributing to the weakness in production.

The association emphasizes the importance of being ready for various scenarios in 2024, considering the many elections of high importance. There is also a call for Europe to prepare for a world where reliance on the transatlantic security partnership may be reduced.

The BDI’s outlook aligns with other institutions that have presented disappointing growth forecasts for the Eurozone’s largest economy. This includes the German government’s setback in November when the top court rejected its 2024 budget plans.

The BDI president urges Germany’s coalition parties to find agreement and move forward, highlighting that paralysis would be the worst-case scenario, reflecting concerns about ongoing economic challenges, the impact of global and political factors, and the need for policy responses to stimulate growth in the German economy.