The German government on Wednesday announced it expected significantly lower economic growth for 2019 than previously announced.
This year, it expects the gross domestic product to grow just 0.5%, down from the 1% previously forecast. The forecast is more pessimistic that industry predictions, with leading economists lowering their growth forecast to 0.8%.
Economics Minister Peter Altmaier, a member of the conservative Christian Democrat party, said the new statistics were a “wake-up call” for the country, saying politicians needed to think about how to they could stimulate growth. Altmaier called for reforms on taxes, levies and bureaucracy. He also proposed a moratorium on measures that would burden the economy.