BERLIN, Nov. 6 (Xinhua) -- The upswing in Germany's economy would have "come to an end" but a "widespread and deep recession" was still unlikely, the prominent German Council of Economic Experts said in its annual report published on Wednesday.
Germany's gross domestic product (GDP) is expected to grow by 0.5 percent in 2019, the report said, adding that in 2020, Germany's GDP is set to increase by 0.9 percent. Last year, Germany's economy had grown by 1.5 percent.
The Council was largely on par with the economic forecast of the German government, which is also expecting a GDP growth of 0.5 percent for 2019, while in 2020, GDP is anticipated by the German government to grow by 1.0 percent.
The "weak economic momentum" is expected to persist "into next year at least", noted the council, adding that an "escalation" of international trade conflicts would hit the export-oriented German economy especially hard.
An "important reason" for the continuing downturn would be the "transnational weakness" in manufacturing which would be "partly due to a cyclical downturn accompanied by a decline in corporate investment", according to the report.
For the development of Germany's economy, it would be "crucial to what extent the still solid labor market as well as domestic demand will be affected" by the weakness in the manufacturing sector, the council further noted.
