The German government downgraded its 2024 economic forecast, predicting a contraction of 0.2 percent, citing persistent economic weakness and structural challenges.
Economy Minister Robert Habeck stated, 'Germany's structural problems are now taking their toll,' highlighting the country's challenges amidst global geo-economic tensions.
Germany's manufacturing, particularly the automotive sector, faces hurdles from high production costs and fierce competition from Chinese electric vehicle manufacturers.
The ministry believes a recovery will begin in 2025, as they express confidence despite ongoing woes and a second consecutive year of economic contraction.
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