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The nation is reverting to a developing country due to the chancellor’s “lack of leadership,” the chief executive of Deutsche Boerse has said Germany is on the way to becoming a “developing country,” the head of the national stock exchange has claimed, blaming Chancellor Olaf Scholz’s “lack of leadership” for economic problems.

The country’s GDP is projected to expand 2.9% this year, according to the institution’s latest report The World Bank has raised its growth forecast for the Russian economy based on revised figures published on Tuesday.