New economic forecasts show Germany is likely to contract by 0.4% this year.
"Germany's situation today differs crucially from the trouble of 1995-2004. First, Germany enjoys record employment, high demand for labour and the most comfortable fiscal position of all major advanced economies. That makes it much easier to adjust to shocks," Holger Schmieding, chief economist at Berenberg, said in a note in August.The latest economic forecasts point to a general slowdown across the region. The 27 EU economies are now expected to grow at an average pace of 0.
"Weakness in domestic demand, in particular consumption, shows that high and still increasing consumer prices for most goods and services are taking a heavier toll than expected," the European Commission said in a statement Monday. Headline inflation in the euro area, where 20 EU nations share the same currency, is seen at 5.6% in 2023 and then at 2.9% by the end of 2024.
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