Economy

Bundesbank lowers economic forecast for Germany to 0.6 pct

Bundesbank lowers economic forecast for Germany to 0.6 pct”

Having been Europe's engine of growth for years, Germany is now the biggest drag on the bloc, threatening to derail the euro zone's long and protracted recovery from years of crisis as a global trade war exacerbates its troubles.

"Once foreign demand picks up again, growth in the German economy will once again be more broadly based", Bundesbank President Jens Weidmann said.

In the latest biannual report released Friday, Bundesbank forecast the largest euro area economy to grow just 0.6 percent this year compared to its previous projection of 1.6 percent.

In its spring forecast, the German government had also lowered the expected increase in gross domestic product for 2019 from 1.0 to 0.5 percent.

"The German economy is now experiencing a marked cooldown", the central bank said in a biannual update of its projections.

Bundesbank predicts growth of 1.2 per cent in 2020, down from the 1.6 per cent predicted in December. Lackluster exports are taking its toll on industry, the bank noted. Exports from Germany also declined to 3.7% in April, the biggest decline since August 2015.

"We don't expect a sustained improvement anytime soon".



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