German Economy and Labour Minister Wolfgang Clement said on Sunday he would stick to the government's forecast of 1.5 to 2.0 percent growth this year despite Thursday's bomb attacks in Madrid.
"I see no reason to chance the forecasts... I hope that people do not let themselves be misled, and that industry does not either," Clement said at the fringes of a meeting of Social Democrats in the eastern town of Erfurt.
New evidence suggesting Islamic extremist group al Qaeda, rather than Basque separatist group ETA, may be responsible for the Madrid train bombings that killed 200 people on Thursday has fuelled fears of further attacks elsewhere in Europe.
Michael Heise, the chief economist of Allianz, told Bild am Sonntag newspaper that, if al Qaeda was responsible, companies would become more reticent to invest. The transport and tourist sectors would be particularly hit, he said.
"The very weak recovery in Germany could be nipped in the bud," Heise was quoted as saying.
Clement said it was a challenge to overcome the terrible events in Madrid and to prevent the world falling into disorder.