Germany's Ifo institute has raised its 2024 GDP forecast slightly and noted that progress is slow.

The ifo Institute has increased its forecast for economic growth in Germany this year from 0.2 percent to 0.4 percent. Next year, the figure is expected to rise to 1.5 percent.

Timo Wollmershäuser, Head of Forecasts at ifo, stated, "New hope is currently emerging. The German economy is slowly working its way out of the crisis. The second half of 2024 is expected to be significantly better than the first half."

Additionally, inflation is projected to decrease, from 5.9 percent last year to 2.2 percent this year and just 1.7 percent next year.