January 16, 2020 / 9:52 AM / 13 days ago

German economic growth to slow further in 2020 - BDI

BERLIN, Jan 16 (Reuters) - Germany’s BDI industry association said on Thursday it expected German economic growth to slow further this year as there are no signs of improvement in the struggling manufacturing sector.

“Industry remains stuck in recession, there are no signs for the sector bottoming out,” BDI President Dieter Kempf told reporters in Berlin.

The association said it expected the economy to grow by 0.5% in 2020, helped mainly by a higher number of working days, adding that calendar-adjusted growth is seen at 0.1%.

Kempf called on the government to cut corporate taxes to push down companies’ average burden to below 25% from 31% currently.

Berlin should also massively hike public investment in infrastructure over next 10 years to boost growth, he added.

Reporting by Michael Nienaber, editing by Thomas Seythal

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