"German Economy Faces Recession with Slashed 2024 Growth Forecast"

Germany's Economy Minister Robert Habeck has confirmed a revised growth outlook for 2024, drastically lowering the country's growth expectation to 0.2% from a previous forecast of 1.3%. The government also forecasts a decrease in inflation from 5.9% in 2023 to 2.8% this year. Habeck identified long-term structural problems such as a shortage of skilled workers, excess bureaucracy, and under-investment that need to be addressed. Germany's economy has been struggling due to geopolitical uncertainty, lower global demand, loss of cheap Russian gas imports, and interest rate rises by the European Central Bank. The country is facing challenges in boosting its economy, with tensions within the ruling coalition over how to address these issues.