German Govt Ups 2020 Growth Forecast To 1.1%
Mohammad Ali (@ChaudhryMAli88) Published January 29, 2020 | 05:28 PM
The German government on Wednesday upped its economic growth outlook for 2020 slightly, predicting a solid domestic performance that will help offset risks from abroad
Frankfurt am Main, (UrduPoint / Pakistan Point News - 29th Jan, 2020 ) :The German government on Wednesday upped its economic growth outlook for 2020 slightly, predicting a solid domestic performance that will help offset risks from abroad.
With gross domestic product expected to grow 1.1 percent, "the economy will develop better this year than we expected last year," when Berlin estimated the 2020 gain at 1.0 percent, Economy Minister Peter Altmaier said in a statement.
"Prospects have improved (but)... we have to improve growth, competitiveness and productivity" to preserve Germany's economic strength, he added.
Hit by uncertainty over the US-China trade conflict and Brexit and a global growth dip, weakness above all in export-oriented manufacturing firms resulted in German growth slowing to 0.
6 percent last year.
For 2020, the next Brexit steps are clear under a new majority Conservative government led by Boris Johnson while the US has signed a "phase one" trade deal with China, allaying some of the worst fears.
At home, unemployment hovering around 5.0 percent -- close to its lowest point since German reunification in 1990 -- rising wages and lower tax and social charges should provide a solid foundation.
But in the months and years ahead, megatrends such as the impact of an ageing population and measures to lower greenhouse emissions pose challenges for sustaining growth, while "risks persist in the foreign trade environment," Altmaier warned.
Recent Stories
Finance Minister calls for reforming tax system to improve country's economy
PM calls for joint efforts to check smuggling, power theft
Infinix Unveils a Vibrant New Chapter with Wahaj Ali: The face of Infinix NOTE 4 ..
PM makes two more appointments in his team
Terrorists of Shangla suicide attack will be brought to justice: Interior Minist ..
Applications Open for 6th Cycle of Start-up Incubation under the National Expans ..
Join vivo's "Light it Up" Social Media Contest in Ramadan to Win vivo V30 5G
Pakistan v New Zealand T20I series: Tickets to go on sale from today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 March 2024
Today Gold Rate in Pakistan 29 March 2024
Journalists call for global action to end Gaza’s humanitarian crisis
CM for generating opportunities to bring direct int'l investment
More Stories From Business
-
Gold rates up by Rs.3,800 to Rs.234,800 per tola
2 minutes ago -
SACM directs authorities to find out solution to problems of miners, crush plants
12 minutes ago -
Weekly inflation falls slightly
22 minutes ago -
Uzbekistan's Ambassador, Pakistan’s Commerce minister forge path for enhanced economic ties
22 minutes ago -
Finance Minister calls for reforming tax system to improve country's economy
47 minutes ago -
Economy commences on better note in 2024: Finance Minister
1 hour ago
-
BIST 100 up at Friday’s open
2 hours ago -
Biden administration approves $60M to rebuild Baltimore bridge
2 hours ago -
China to export homegrown tunnel-boring machine to Italy
3 hours ago -
Foreigners make nearly 3 million inbound, outbound trips to China in Jan-Feb
3 hours ago -
Türkiye's foreign trade gap halves in January-February
3 hours ago -
Shipping activity at Port Qasim
3 hours ago