German government forecasts that the country's economy will shrink by 0.4% this year

Germany slashed its economic forecasts for 2023, predicting a 0.4% decline in its GDP.

Transcript

00:00 The latest forecast from Germany's government predicts the economic powerhouse economy will

00:06 shrink by 0.4% this year. Back in April, officials were predicting growth of 0.4% in gross domestic

00:13 product. The economic ministry blames the energy price crisis and global economic weakness

00:19 for its woes. Its estimate follows predictions from the International Monetary Fund and a

00:24 group of German think tanks that the economy would shrink by 0.5% and 0.6% respectively.

00:30 [BLANK_AUDIO]