Germany's Council of Economic Experts slashed growth forecasts for Europe's largest economy. The annual report was presented to journalists in Berlin on Wednesday.
The council cut its growth forecast for this year from 0.8 to 0.5 per cent and for next year from 1.7 to 0.9 per cent.
Chairman Christoph M Schmidt said the «economy was momentarily in a economic slowdown, but it is not at a wide and... Еще deep recession.»
He blamed structural changes and technological advances for the poor performance.
The country's export-focused economy has been hit by the US-China trade war, Brexit uncertainty and a sharp decline in the car industry, which has experienced disruption due to new emissions rules and the move towards electric vehicles.