The Straits Times
www.straitstimes.com
Published on Nov 07, 2012
 

Germany beginning to feel pain from crisis: Experts, ECB

 
 

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.