Germany to Grow by Just 0.3 Percent in 2024: Industry Group

Some experts predict Germany to experience its ‘first two-year recession since the early 2000s’ this year.

Farmers, truckers, and supporters from Germany stage protests in the capital city of Berlin on Jan. 15, 2024. Stefan Frank/Middle East Images via AFP/Getty Images

Germany will register only marginal growth in 2024, an industry group predicted as the country’s annual gross domestic product (GDP) declined last year for the first time since 2020.

The Federation of German Industries (BDI) expects the country’s economy to grow by 0.3 percent in 2024, while the global economy registers a 2.9 percent growth rate, according to a Jan. 16 statement. Germany is the largest economy in Europe.