Germany’s economy will gain some momentum in coming months, supported by strengthening household consumption, although it will still barely muster growth this year, according to Chancellor Olaf Scholz’s independent panel of experts.

The German Council of Economic Experts cut on Wednesday its forecasts for economic growth this year, postponing the expected recovery of the euro zone's largest economy. The panel expects 0.2% gross domestic product growth this year,

Germany’s economy will gain some momentum in coming months, supported by strengthening household consumption, although it will still barely muster growth this year, according to Chancellor Olaf Scholz’s independent panel of experts.