economy grows 3.6 percent in 2010 - German wave
The German economy has overcome the crisis last year and has grown so strong as not since the reunification more. The Federal Statistical Office in Wiesbaden announced that gross domestic product rose by 3.6 percent in 2010.One man is another man's friend! Germany benefited from the weak euro more than any other EU country because Germany's export industry is one of the core competencies of Germany!
NZZ writes in "economy" see Germany on track and sees "opportunities for a stable recovery." Unlike last year, little criticism was leveled at the government. But many reform proposals awaiting implementation.
The "economic experts" have been the upswing in Germany as surprised as most observers. A year ago they had predicted for 2010, only growth of gross domestic product (GDP) of 1.6%. Now they appear more optimistic than the federal government and most of the economic research institutes: The real GDP in the current year, down by 3.7%.
Booming
that the reason for it, especially in the strong export orientation of the country, said Chairman of the Advisory Council on the Council of Economic Affairs, Wolfgang Franz, the export orientation is for the unexpected recovery this year just as responsible as for the historical GDP decline of 4.7% last year. They also explain in large part why the German unemployment has risen during the crisis barely. The export-oriented industries employ in fact, many professionals, they did not want to lose is possible, the rather unconventional explanation of the experts. They therefore prefer to speak of a "labor hoarding" instead of a "job miracle".
The experts now see "Opportunities for stable growth" as the title of its annual report states. This should rest on two pillars: first, on a shift of growth towards domestic demand, because the low unemployment is expected to boost private consumption and should stimulate the historically low real interest rates of private investment and partly to the continued success of the very competitive German companies in global markets. Total is expected for 2011, with GDP growth of 2.2%. That may sound like a relatively strong continuation of the upswing. Note, however, that you start with a so-called carry-over effect of 1.5% in the new year and is the GDP growth from the beginning to the end of 2011, only 0.7% forecast.
Reiterated reform claim
The surprising recovery has not only alleviated many problems in business and politics, he has also voted the experts milder. A year ago they still had sharp criticism of the economic and financial failures of the German Government practiced now, ventures fall significantly more moderate. Of the five main demands of the experts, the government two meet at most indirectly: Where are overcoming the Euro-crisis with a new operational framework for monetary union and a reform of international financial markets, where for instance the question of how to deal with systemically important banks is still unclear.
relative to Germany, experts are worried primarily about the budgetary policy. The course of deficit reduction is essential to continue, for there were tax cuts until well into the next legislative period, no room inside, they say. In the tax policy should rather the reform of municipal finances and the abolition of reduced VAT rates to be addressed. Old demands reaffirm the "economic experts" in the social and labor market policy. Thus, they require a strengthening of incentives to work for Hartz IV recipients, removal of minimum wages or better health policies - some of the many reforms that the government has long been not tackle effectively.
Although Germany is a whole, on its way there, according to the experts with significant risks to the economic transition. At a recent downturn comes from, because some major trading partners with economic and Financial problems are fighting, new shocks in the financial markets can not be excluded and could discharge the tensions in the international monetary system in a strong euro and protectionism.
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