16 October 2008 19:42 [Source: ICIS news]
TORONTO (ICIS news)--Germany on Thursday reduced its 2009 GNP growth forecast to 0.2%, from earlier 1.2%, amid fears that Europe’s largest economy is on the brink of a recession due to the global financial crisis and weak export demand.
Unlike in past years,
While declining oil prices could support domestic demand, the government needed to look at additional ways to relieve consumers, Glos said. As one measure, he called for more allowable deductions from taxable income.
The ministry’s 2009 forecast assumed that the government’s €500bn ($676bn) aid package from Monday to help banks would prevent further deteriorations in the financial and banking system, Glos said.
For the full 12 months of 2008, growth was expected at 1.7%, down from 2.5% in 2007 and 3.0% in 2006, according to the ministry's forecasts.
($1 = €0.74)
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