Germany's economic downturn deepens with a projected contraction in 2024, marking its second consecutive year of decline. Manufacturing struggles and global competition, especially from China, highlight structural issues. Growth is expected to return in 2025.
Germany's economic woes are continuing, with the country now facing the spectre of closing 2024 in recession.
On Wednesday, German Economy Minister Robert Habeck announced that the economy is expected to shrink by 0.2% this year, down from earlier forecasts of a 0.3% growth and marking the second consecutive year of contraction.