BERLIN, Feb. 7 (Xinhua) -- The Association of German Chambers of Commerce and Industry (DIHK) announced here on Thursday to almost halve its economic growth forecast in 2019.
According to the latest forecast of DIHK, Germany's economy is expected to grow only by 0.9 percent in 2019, which is about half of its previous forecast of 1.7 percent.
However, DIHK said that an economic crisis is not expected.
The reasons for the lowered forecast were a cooling-off in the world economy, the unclear situation with the Brexit and trade conflicts, DIHK Managing Director Martin Wansleben was cited by German media dpa.
"The time for sugarcoating is now finally over," he added.
At the end of last month, the German government has announced to lower its official national gross domestic product growth forecast for 2019 to 1.0 percent from 1.8 percent in its previous autumn forecast.
However, German Economy Minister Peter Altmaier said that the German economy would be "on a course for growth" for the tenth year in a row despite the lowered forecast.
