Sunday, May 24, 2015Sunday, May 24, 2015

Germany beginning to feel pain from crisis: Experts, ECB

Published on Nov 7, 2012 11:06 PM

FRANKFURT (AFP) - The German economy, which long seemed immune to Europe's debt crisis, is now being hit by slowing growth, the ECB, the EU Commission and a panel of top economic experts warned on Wednesday.

"Germany can no longer de-couple itself from its external economic environment," the expert panel, known as Germany's "Five Wise Men", said in their latest twice-yearly report.

They forecast only very sluggish growth of 0.8 per cent for Europe's biggest economy both this year and next year.

The EU Commission in Brussels agreed, similarly cutting both its 2012 and 2013 forecasts for Germany to 0.8 per cent.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!