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The new forecast for the biggest European economy was down drastically from the government's previous prediction, made in mid-October, of 0. He predicted that exports, a main driver of German growth, would slump by 8.
As the world's leading exporter, "we have profited greatly from upswings in the world economy and obviously, when things go the other way, we are an economy that is particularly affected," Glos said.
The worst postwar annual economic performance to date was a 0. The worst since German reunification was a 0. The economy went into reverse in the second quarter of and slipped into recession in the third quarter. Glos said the German central bank believed the economy shrank about 1. The Federal Statistical Office has said that the economy grew by 1. Glos gave no forecast for Germany's economic performance in and said the government would produce one in April at the earliest.
He said he expected the world economy to be growing again by then. The plan includes investments in infrastructure, tax relief, reductions in health care contributions and bonuses for families with children. International Business Germany sees sharp recession in Home Page World U.
German economy shrinks most since 2009 financial crisis
Germany sees sharp recession in 2009