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Germany’s economy ministry is set to lower its 2024 economic growth forecast, anticipating a contraction of 0.2% for Europe’s largest economy, according to a report by Sueddeutsche Zeitung. This revised forecast comes after a previous government projection of 0.3% growth for this year, following a 0.3% contraction in 2023.

In line with this adjustment, Germany’s leading economic institutes also revised their forecast for 2024 to a contraction of 0.1% last month. The economy ministry, under the leadership of Robert Habeck of the Green party, is preparing to release a forecast for 2025 economic growth of 1.1%, up from the previous estimate of 1%, and for 1.6% growth in 2026. This outlook is supported by a package of government measures aimed at stimulating growth.

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