Germany's Economy Faces Consecutive Contraction Amid Political Uncertainty
Germany's economy contracted by 0.2% in 2024, marking a second consecutive year of decline, with early elections approaching amid rising challenges.
German economy shrinks for second year in a row
The Guardian
Germany's economy shrank for the second consecutive year in 2024
Associated Press
Overview
Germany's economy shrank for the second consecutive year in 2024, with a 0.2% decline following a 0.3% drop in 2023. Key issues include rising consumer caution, international competition from China, high energy costs, and domestic challenges like labor shortages. The upcoming February elections follow the collapse of Chancellor Olaf Scholz's government, and differing economic proposals from candidates are heightening political uncertainty. Despite a resilient labor market and rising wages, prospects for growth remain bleak amid fears of recession and geopolitical tensions.
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