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German banking association sees slightly lower economic growth
March 9, 2016 / 10:29 AM / in 2 years

German banking association sees slightly lower economic growth

BERLIN (Reuters) - The German economy will grow at a slightly slower pace this year and next compared to 2015, the German banking association (BdB) said on Wednesday, citing a slowdown in China and other emerging markets as well as low oil prices as risk factors.

People walk past the entrance to the subway next to a Alexa shopping mall at Alexanderplatz in Berlin, Germany February 4, 2016. REUTERS/Fabrizio Bensch

The BdB said it expects Europe’s largest economy to grow by 1.6 percent this year and 1.5 percent in 2017, down from 1.7 percent last year.

“Globally, we are witnessing an unusual bundle of risks,” said BdB chief Michael Kemmer. “Still we can’t point to a tangible crisis scenario.”

Kemmer also warned against a further easing of European Central Bank’s monetary policy, saying this would lead to a competitive devaluation that produces “no winner.”

Reporting by Rene Wagner; Writing by Joseph Nasr; Editing by Madeline Chambers

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