BERLIN (AFP) -- Germany has again lowered its 2008 economic growth forecast and hatched a plan to fend off a possible global recession, Der Spiegel magazine reported in its issue to be released Monday.

The report cited the economy ministry's annual report, to be presented to the cabinet in coming weeks, that growth this year would only reach 1.8 percent.
The German government, whose economy is the largest in the 15-nation eurozone, lowered the 2008 estimate to 2.0 percent from 2.4 percent in October.
The report gave a sunnier outlook for the labor market, saying 300,000 new jobs would be created next year, leading the annual average number of people on the dole to sink to 3.5 million from 3.78 million in 2007.
But it said exports, the traditional motor of the German economy, would falter due to the strength of the euro against the dollar and the high price of oil.
It said those factors along with the U.S. mortgage crisis and market turmoil would have a negative impact on the global economy and outlined a plan of action if the trend spiraled into a recession.
The report said the contingency measures outlined by Economy Minister Michael Glos, of Chancellor Angela Merkel's conservative party, included increased public spending and up to 4.0 billion euros (5.9 billion dollars) in tax cuts to spur private consumption and could be implemented as early as 2009.
But it added that Finance Minister Peer Steinbrueck, a Social Democrat, was resisting the proposals for now because he did not want to jeopardize the nearly balanced budget.
Investment giant Goldman Sachs rattled stock markets last week by warning that the U.S. economy could be falling into a recession.
The report sparked fears of a global slowdown, although other experts cast doubts on the gloomy outlook.