The new forecast for German GDP growth for the current year, compiled by experts from five leading German research institutes, has been lowered 2 times compared with the autumn forecast from 1.9% to 0.8%. For 2020, the growth forecast is maintained at 1.8%. At the same time, the joint statement of the institutes states that their forecast was made at the end of March, when there was still hope that the “tough” Brexit could be avoided. Currently, the likelihood of such a scenario is extremely low. If the UK leaves the European Union without an agreement, a stronger slowdown in economic growth should be expected both this year and next. The GDP growth forecast for Germany from the independent Economic Council under the German government for 2019 was also lowered from 1.5% to 0.8%.
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