67.92% See an Upcoming Recession in Germany

Is Germany in Recession in 2024?

Germany’s economy crumbled after a slew of events. Dampening construction activity, strikes, and falling foreign demand hit the largest European economy. According to Germany’s central bank, the Deutsche Bundesbank, it is believed that Germany could have already slid into recession.

Although many factors played a significant role in Germany’s recession, the dwindling construction and building activity seems to be the crux of the problem. The online survey app Real Research surveyed the matter and received some findings on the economic forecast for Germany.

Highlights:

• 13.44% were completely unaware of the recession in Germany
• 35.48% were extremely concerned about Germany’s slow growth
• 63.36% believe that worker protections are strong enough in Germany

Survey on Germany’s Shaky Economy

48.8% were aware that the German economy had the weakest performance in 2023 when compared with its european counterparts. 13.44% were completely unaware, while 37.76% were vaguely aware.

50.38% stated that Germany would be strongly recovering by the end of 2024, while 36.86% stated that it would slowly recover. 8.1% thought that the economy would be stagnant, while 4.66% stated that it would decline further.

35.48% were extremely concerned about Germany’s economy’s slow growth of 0.5%, which is far less than 1.5% for a G7 country.  48.9% were somewhat concerned, 12.72% were somewhat unconcerned, and 3% were extremely unconcerned.

Read Also: 70.78% Believe That Global Economic Growth in 2024 Will Slow Down

Another Declining Year Could Be in Store for Germany

Forecasters predicted that this could be the second consecutive year of declining productivity due to high energy prices, steep borrowing costs, and less demand for German products. 39.26% believe it is highly probable, while 48.98% state that it is possible. 10% thought that it was somewhat unlikely, and 1.76% stated that it was highly unlikely that the economy could further decline.

Also Read: Population Decline or Growing Population: Which One Is the Solution for the Economy?

Strikes and Protests in Germany

36.56% were closely following the recent incidents in Germany where farmers protested against proposed diesel subsidy cuts and workers’ strikes for disputes in wages. 45.54% were somewhat aware, while 17.9% didn’t know anything about them.

63.86% believe that worker protections are strong enough in Germany, while 36.14% disagree. 55.04% think that protests and strikes by farmers and train drivers are the main cause of the recession in Germany; however, 44.96% think that there are other contributing factors.

Read Also: 56% of Respondents Say De-dollarization Would Impact the Global Economy

Germany became the world’s third-largest economy after Japan slid into recession. 37.40% saw this improvement positively, while 28.56% saw it negatively. 34.04% were unsure.

Headed by an aging population and a lack of resources, Germany is heavily dependent on exports for sustenance. As such, 67.92% agreed to see an upcoming recession in Germany, and 32.08% opposed.