The German Council of Economic Experts (GCEE) released its Annual Economic Report on Wednesday. The experts said that the economy in Germany and the Eurozone continued to recover, but there are the downside risks from the slowdown in emerging economies.

"Positive economic developments are likely to continue this year and next. But the arrival of refugees has made it even more important to ensure the future viability of Germany's economy by fostering the right economic conditions," chairman of the GCEE, Christoph M. Schmidt, said.

The German economy is expected to expand 1.7% in 2015 and 1.6% in 2016.

Eurozone's economy is expected to grow by 1.6 % in 2015 and by 1.5 % in 2016.