Ifo slashes Germany 2024 growth forecast to 0.7% from 0.9% previously

<p>In December, the institute already slashed its estimate for the German economy for this year as seen here: <a href="https://www.forexlive.com/news/ifo-institute-cuts-german-gdp-forecast-to-next-year-20231214/" target="_blank" rel="follow">Ifo institute cuts German GDP forecast for 2024</a></p><p>And now, they are cutting that estimate of 0.9% down to 0.7%. If anything, it reaffirms the pessimistic outlook for Europe's largest economy as we get the year underway. In particular, <a href="https://www.forexlive.com/news/germany-november-retail-sales-25-vs-01-mm-expected-20240105/" target="_blank" rel="follow">consumption activity looks rather bleak</a> alongside the ongoing recession in the manufacturing sector.</p>

This article was written by Justin Low at www.forexlive.com.