Germany will top the economic summit table at the G7 summit on Monday, pushing its GDP growth to 7 percent, according to the German news agency dpa.
The summit is being held in Sicily after the G8 summit, which was held in Rome on Friday.
The news came as German Chancellor Angela Merkel warned that the country was on the brink of a new economic downturn and that the debt-to-GDP ratio was a major threat.
The chancellor said that Germany is facing a “major crisis,” with a debt-recovery rate of about 60 percent, and warned that Germany’s debt burden will soar from around 200 percent of GDP in 2018 to as high as 250 percent of gross domestic product in 2020, the Associated Press reported.
The European Union is set to start paying out more than €100 billion ($116 billion) a year to help pay for the European Stability Mechanism, or EMU, as part of the rescue package that was agreed last month.
Germany, a member of the E.U., is set for a bailout of around €110 billion ($136 billion) in 2020.
In the next two years, it will receive a total of €1.2 trillion, with around half going to Germany.
The Chancellor of the Exchequer Sigmar Gabriel said last month that the economy would recover from the crisis in 2020 if the country continued to pay down its debt.
Gabriel said that the government would have to keep its deficit below 3 percent of its GDP in 2019 and 2018.
The German economy contracted by 0.3 percent in the third quarter of 2019.