Germany’s economy contracted by 0.3% in 2023, marking its first decline since the pandemic’s onset, per data from Germany’s Federal Statistical Office.
The decrease raises concerns about a broader economic downturn in the euro area. Factors include multiple crises, high inflation, rising interest rates, and weakened domestic and foreign demand.
A World Economic Forum survey suggests over three-quarters of economists anticipate weak growth in Europe in 2024, with global economic weakening expected by over half of respondents.
Source: Oman News Agency
