Today (24.4.2024) the German government revised its forecast for the growth of the economy upwards, from 0.2% to 0.3% for the current year, while the Minister of Economy, Robert Habeck spoke of “turning point”.
Alongside the announcement of the forecast for the course of German development, Mr. Hambeck emphasized that since the beginning of the year, recovery has been observed, following two years of stagnation, which is mainly due to high energy prices.
The small improvement in the forecast “is certainly not a reason to be satisfied or not to continue our efforts to improve competitiveness” of Germany, the economy minister added, and explained how important the reduction in energy prices is – and because consumers, without the exorbitant bills, they can once more allocate more money to consumption.
The government estimates that rising incomes and low inflation will continue to support the economy next year, for which it forecasts growth of 1%.
For Germany to return to earlier levels of growth and competitiveness, Mr Habeck said structural reforms were needed, notably cutting red tape, incentivising more work and increasing private and public investment.
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