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German economy expected to grow in 2024, official says
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BERLIN (Reuters) – Germany is not in recession and its economy is expected to grow in 2024, Chancellor Olaf Scholz’s chief of staff, Wolfgang Schmidt, said on Tuesday.
BERLIN (Reuters) – Germany is not in recession and its economy is expected to grow in 2024, Chancellor Olaf Scholz’s chief of staff, Wolfgang Schmidt, said on Tuesday.
“We don’t have a recession. We are not seeing anything that normally accompanies a recession, such as unemployment. The labour market is very stable, real wages are rising again. We will see growth this year,” Schmidt told an industry event.
(Reporting by Andreas Rinke, Writing by Rachel More; editing by Bartosz Dabrowski)
Economic growth refers to an increase in the production of goods and services in an economy over a period of time, typically measured by the rise in GDP.
Unemployment rates measure the percentage of the labor force that is jobless and actively seeking employment. High unemployment rates can indicate economic distress.
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is typically measured annually.
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