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Work Begins on the Joint Economic Forecast

Summary:
Work has begun on the biannual Joint Economic Forecast of the German economic research institutes at the Ifo Institute, the host for the coming forecast. Timo Wollmershäuser, head of the Ifo Center for Business Cycle Analysis and Surveys, commented on the current economic situation. “The recent decline in oil prices has not provided the additional boost to the German economy as we had expected. The likely reason is that oil has become less expensive due to a slowdown in the global economy and for this reason cannot ultimately stimulate the German economy”, he observed. The Joint Economic Forecast, which is prepared for the German Ministry of Economics, had predicted economic growth in Germany of 1.8 percent in 2016 in the autumn forecast. The new forecast will be presented on April 14 in Berlin.

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Work has begun on the biannual Joint Economic Forecast of the German economic research institutes at the Ifo Institute, the host for the coming forecast. Timo Wollmershäuser, head of the Ifo Center for Business Cycle Analysis and Surveys, commented on the current economic situation.

Work Begins on the Joint Economic Forecast

“The recent decline in oil prices has not provided the additional boost to the German economy as we had expected. The likely reason is that oil has become less expensive due to a slowdown in the global economy and for this reason cannot ultimately stimulate the German economy”, he observed. The Joint Economic Forecast, which is prepared for the German Ministry of Economics, had predicted economic growth in Germany of 1.8 percent in 2016 in the autumn forecast. The new forecast will be presented on April 14 in Berlin.

Hans-Werner Sinn
Hans-Werner Sinn is President of the Ifo Institute, Professor for Economics and Public Finance at the Ludwig Maximilian University of Munich, Director of the Center for Economic Studies (CES) and Managing Director of CESifo GmbH. His main research interests are taxation, the environment, growth and exhaustible resources, risk theory, climate and energy, banking, demography and social security, macroeconomics and systemic competition. Sinn gained his doctorate in 1978 at the University of Mannheim and his habitation in 1983 from the same university.

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