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Germany, the Eurozone’s largest economy cut its economic growth forecasts on the back of a shortage of skilled workers and uncertainty from global trade tensions.
The slash in growth forecasts signaled the increasing vulnerability to the U.S. China trade wars.
Germany’s gross domestic product is expected to grow at a rate of 1.8% this year. This marks a sharp downgrade compared to a 2.3% projected growth rate previously.
For the year ahead, German growth is expected to rise 1.8%, again a downward revised outlook compared to 2.1%. In 2017, German growth averaged 2.2% on the year. The downward revision to the GDP comes following a report from IMF earlier last week.
The International Monetary Fund, in its world economic outlook report, said that global growth would ease in the back of the trade disputes. The institution slashed growth forecasts not just for the global economy but also for the United States.
The German economy has been in a decade-long economic upswing. It is ...
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