BERLIN, May 15 (Xinhua) -- The German Council of Economic Experts lowered its 2024 forecast for Europe's largest economy on Wednesday, now expecting only slight growth of 0.2 percent this year.
Overall economic demand is developing weakly, according to the council. Last fall, experts were still predicting Germany's gross domestic product would rise by 0.7 percent.
"Private households are currently still reluctant to consume, while industry and the construction sector are only recording a small number of new orders," said council member Martin Werding when presenting the forecast.
During the course of the year, Germany's economy is expected to gain some momentum, before reaching 0.9 percent growth in 2025. With real incomes rising continuously, private consumption should begin to support the economy, the economic experts predicted.
Previously, the German government had forecast similar growth of 0.3 percent for this year, with inflation approaching the European Central Bank's 2 percent target at 2.4 percent. The expert council agreed with this assessment of the inflation trend. ■
