German government to unveil 2024 economic outlook
The government will unveil its latest economic forecasts for 2024 on Wednesday, with media reports suggesting a sharp downgrade to a mere 0.2 percent growth.
In its autumn projections, the government was still expecting output to expand by 1.3 percent.
The country ended 2023 in recession, shrinking by 0.3 percent, and the latest data suggest the first quarter of 2024 will see another contraction.
Germany also risks facing anaemic growth up to 2028 if no action is taken, German media said.
The German economy, Europe's largest and traditionally a driver of eurozone growth, is being buffeted by "a perfect storm", Economy Minister Robert Habeck said earlier this month.
The situation was "dramatically bad", he added.
READ ALSO: Germany to likely to fall into recession, central bank warns
Germany's once-mighty industrial sector has been hit particularly hard by multiple headwinds such as the energy price surge triggered by Russia's invasion of Ukraine.
Lufthansa strike ends - but disruption continues
Following the end of a 35-hour warning strike at Lufthansa at 7:10 am, operations at Germany's largest airline are set to return to normal on Wednesday.
"Lufthansa plans to gradually resume flight operations in Frankfurt and Munich after the end of the Verdi strike on Wednesday morning," said a company spokesperson.
However, due to the effects of the strike by ground staff, there may be delays or cancellations during the course of the day. The company is asking customers to regularly check their flight status on the lufthansa.com website and in the customer app.
The strike by technicians, logistics and counter staff was particularly noticeable on Tuesday at the Munich and Frankfurt hubs, where flights were still being cancelled on Wednesday. Actions also took place in Hamburg, Berlin, Düsseldorf, Cologne/Bonn and Stuttgart.
Negotiations between the trade union Verdi and Lufthansa are to continue in Frankfurt on Wednesday.
READ ALSO: Union calls Lufthansa ground staff strike at German airports
Majority of locals opposed to new Tesla site
The US electric car manufacturer Tesla's plans to expand its factory site have been rejected by residents of Grünheide near Berlin.
In a survey, 3,499 residents voted no, and 1,882 voted in favour, according to the municipality in Brandenburg. The municipal representatives of Grünheide still have to decide on the development plan. The vote in the public consultation is not binding - but it is considered an important indicator.
In addition to the existing 300-hectare factory site, Tesla wants to build a goods station, warehouses and a company kindergarten on an additional 170 hectares.
More than 100 hectares of forest are to be cleared for this purpose.
Not enough houses being built in Germany
Real estate industry experts are warning of a "dramatic slump" in German residential construction. At the presentation of its spring report on Tuesday, the German Council of Property Experts criticised, among other things, high state levies and inadequate subsidies in some cases.
According to the report, there will be a shortage of around 600,000 flats in Germany this year, rising to 720,000 next year and 830,000 by 2027. This would be a "social debacle," they said.
According to the Ifo Institute, the number of new homes built each year could fall by 35 percent by 2026 compared to last year.
READ ALSO: Why Germany’s housing crisis is expected to drag on
1990 World Cup winning goal scorer Andreas Brehme dies
Andreas Brehme, whose 85th-minute penalty sealed victory for West Germany over Argentina in the 1990 World Cup final, died early Tuesday morning at the age of 63, his former club Bayern Munich
said.
"FC Bayern is deeply shocked by the sudden death of Andreas Brehme," the club said in a statement.
"We will always keep Andreas Brehme in our hearts. As a world champion and as a very special person."
A versatile left-back, Brehme spent two seasons with Bayern Munich between 1986-88, winning the Bundesliga in 1987.
Brehme left a mark for teams across Europe, playing for Kaiserslautern and Inter Milan, as well as Bayern, Saarbruecken and Real Zaragoza.
With reporting by AFP.
Comments