Leibniz Institute - Economic forecast: exports and consumption weak
The German economy is continuing its downturn this winter. According to the economic forecast published by the Leibniz Institute for Economic Research Halle (IWH) on Thursday, parts of industry have lost competitiveness and incomes have fallen due to inflation in 2023. For the coming spring, the economic researchers expect real incomes and exports to rise again, resulting in a slight upturn. However, the German economy has not yet returned to its old growth path following the end of the pandemic.
According to the IWH, the automotive industry in particular has suffered significant losses as a result of the switch from combustion engines to electric motors. The chemical industry, which is particularly strong in Saxony-Anhalt, also suffered a setback due to higher energy prices in Europe.
"There are no signs of an improvement in the economy for the winter," said Oliver Holtemöller, Head of the Macroeconomics Department and Vice President of the IWH. "However, consumption will be supported by rising real wages again in the course of 2024 and the German export industry should benefit from the fact that international demand for manufacturing goods is also likely to gradually pick up again."
Read also:
- A clan member is punished here
- Traffic lawyer warns: Don't talk to the police!
- Will he be convicted as Jutta's murderer after 37 years?
- He also wanted to kill his cousin
Source: www.stern.de
