Germany to ‘become poorer’ as country's recession becomes 'embarrassing and dangerous'
An expert warned there is "clear alarm in Europe" as Brussels fears that Germany could leave the entire Eurozone lagging behind.
Germany has been warned it will become poorer as the economic crisis gripping the country becomes the worst it has faced in two decades.
The DIHK chambers of industry and commerce warned this week that Europe's biggest economy will contract by 0.5 percent as it slumps into a second year of recession.
A poll from the chamber also showed that 35 percent of companies expect business to suffer in 2024 with just 14 percent expecting an improvement.
It also warned: "The bad mood among companies is becoming more entrenched."
DIHK head Martin Wansleben added: "The is a clear alarm signal that Germany and Europe must take seriously."
Finance Minister Christian Lindner said this week that Germany's economic forecasts were "embarrassing and dangerous from a social perspective."
He added: "If we do nothing, our country will fall behind ... Then Germany will become poorer."
On Thursday, the European Commission warned that Germany will be the biggest barrier to growth in the Eurozone as its forecasted growth is dropped from 0.8 percent to 0.3 percent.
Germany's economic issues have also been accompanied by political division in recent months.
The far-right AfD (Alternative for Germany) has risen in popularity in recent years, sparking big protests against them in January.
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Germany's Interior Minister Nancy Faeser has announced new plans to track the funding of right-wing extremist groups in the country.
She said: “German right-wing extremists and foreign autocrats have one thing in common: They want to stoke rage and divide, above all through disinformation.
“We must recognise manipulation and influence campaigns very early to be able to stop them.
“No one who donates to a right-wing extremist organisation should be able to rely on remaining undiscovered."
