Visitors ride bicycles past the Reichstag, seat of the German parliament, the Bundestag, on July 13, 2015 in Berlin, Germany.Sean Gallup | Getty Images News | Getty ImagesThe German government has lowered its 2020 forecast for economic growth to 1.0% from 1.5% previously, the Economy Ministry said on Thursday, but added that Europe’s largest economy was not facing a crisis.Berlin still sees this year’s gross domestic product (GDP) growth rate at 0.5%, the ministry said, confirming news of the revised projections reported by Reuters on Tuesday. “Economic developments in Germany are currently divided,” Economy Minister Peter Altmaier said in a statement. “But even if the outlook is currently subdued, there is no threat of an economic crisis.”Export-orientated industries were under pressure due to trade conflicts, Brexit and related uncertainty, Altmaier said, but the domestic economy remained in good shape.Looking ahead, the ministry added: “The low point in developments in international trade should soon be reached.”
