German economy enters recessiondéguó jīngjì xiànrù shuāituì德国经济陷入衰退。
January 30, 2024 at 2:00 PM
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BusinessGermany Confirms Economic Recession
Germany confirmed recession in 2024 with economy contracting for second consecutive year, affected by high energy costs and weak demand.
Germany's economy contracted for the second consecutive year in 2024, officially entering recession. High energy costs are the main reason for economic weakness. The European energy crisis following the Ukraine war dealt a heavy blow to German manufacturing. Declining Chinese demand further weakened German exports. The automotive sector faces pressure from the transition to electrification. Germany has been mockingly called the sick man of Europe. Government stimulus measures had limited effect. Economists predict recovery will proceed slowly.
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