Jul 24, 2009
| Last Updated
- RGE forecasts an economic contraction of 6.3% for 2009 and a further decline of 0.1% for 2010.
- The banking sector is still in a desolate state, jeopardizing economic recovery.
- Germany runs the risk of falling into a W-shaped recovery.
Further deterioration of exports and investment activity in Germany required a downward revision of the economic outlook from RGE’s April forecast. The German GDP contracted by 3.8% q/q during the first quarter of 2009, a decline of 9.9% y/y with only private consumption and government spending showing positive contributions.[...]
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