German banking fed cuts 2001 growth forecast

GERMANY - The German banking federation (BVB) said on 20 August it had cut its forecast for German growth for 2001 to 1.0 - 1.5 percent from an earlier 1.5 percent.

The BVB said it expected economic growth next year to be around two percent.

"In the second quarter economic growth could come to a standstill. However, a slide into recession is still not expected," the BVB said in a statement.

In addition, the BVB said the money market had already priced in a 25 basis point cut in European Central

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