The German government slashed its economic forecast for this year as ministers squabbled over how to kick-start growth in a country still weighed down by high interest rates and increased energy prices.
“The situation is extremely challenging,” said Robert Habeck, economy minister, as he said the country’s gross domestic product would expand by just 0.2 per cent year, down from a previous forecast of 1.3 per cent.
He warned that Germany’s economy had suffered from a downturn in global trade, high inflation that had suppressed consumer demand, and elevated interest rates that had put a damper on investment activity, especially in construction.
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