Berlin — The German government cut its forecast for 2019 economic growth for the second time in three months on Wednesday, reflecting a worsening slowdown driven by a recession in manufacturing.
The government now expects GDP to grow 0.5% in 2019 economy minister Peter Altmaier told reporters as he presented the spring forecast. For 2020, the government now envisages a consumption-driven rebound with economic expansion of 1.5%.Altmaier said the slowing world economy, trade disputes and Brexit uncertainty were weighing on the German economy.
Government measures such as higher child benefits and increased pensions for mothers will give the economy an additional boost in 2019 , Altmaier said. Germany’s BDI industry association urged the government to set more incentives for climate-friendly corporate investments and to slash taxes for companies.
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