In December, the institute already slashed its estimate for the German economy for this year as seen here: Ifo institute cuts German GDP forecast for 2024
And now, they are cutting that estimate of 0.9% down to 0.7%. If anything, it reaffirms the pessimistic outlook for Europe's largest economy as we get the year underway. In particular, consumption activity looks rather bleak alongside the ongoing recession in the manufacturing sector.
