The ifo Institute has raised its forecast for German economic growth in the current year from 0.2% to 0.4%, an indication of a tepid recovery for Europe’s largest economy. The Munich-based institute, one of the country’s most influential economic think tanks, released the updated forecast on Thursday. “The German economy is slowly working its way out of the crisis,” ifo’s economic director, Timo Wollmershäuser, said in Berlin on Thursday. He said it was not a summer fairytale but “new hope is emerging.” Next year, the ifo expects economic growth of 1.5%. The institute said that the purchasing …