BERLIN (Reuters) - Germany's economy may contract in the three months to September and a slowdown in exports is threatening the domestic economy as well, the central bank said on Monday.
The euro zone's largest economy slowed sharply last year as its traditional growth engine (exports) was hit by a global trade war.
`` Germany's economic output may have contracted slightly again in the third quarter of 2019, '' the central bank said in a monthly report. "The crucial factor here is the continued slowdown of export-dependent industries."
The central bank stressed that the slowdown is beginning to cast a shadow over other sectors of the economy, noting that he does not expect yet an explicit economic recession.
"Early indicators currently offer little sign of sustained export recovery and industry stability," he said.
"This raises the risk that the slowdown will extend further to more inward-dependent sectors."
Retirement at 70
Workers in Germany may have to wait until the age of 70 until they receive a pension, according to the German central bank.
"The demographic development will put the future payment of legal pension benefits under great pressure from the middle of the next decade," the Bundesbank said in an October report released on Monday.
The Bank explained in the report that to maintain the stability of the system, there would be a need to adjust the level of pension payments, together with the age of the pension.
The retirement age in Germany has been rising gradually since 2012, from 65 to 67 years by 2031, but this is not enough from the expert point of view, because from the mid-1920s people born in years with high birth rates will reach retirement age.
The central bank proposes to raise the retirement age to 69 years and four months by 2070.