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Expert forecasts improved economic conditions for Germany
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Expert forecasts improved economic conditions for Germany
28 April 2010
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An economics expert has predicted Germany's economy will recover from the global downturn.
According to Axel Weber, a member of the European Central Bank Governing Council, the country will see gross domestic product growth gain momentum during the second quarter of the year, having been affected by the end of fiscal stimulus measures and the cold winter weather.
In a recent speech to the American Council on Germany, the president of the Bundesbank added labor markets had managed to weather the crisis, remaining "surprisingly robust", with recovery beginning in spring 2009.
Professor Weber pointed out that substantial reform and modernization of employment regulations has been carried out in areas such as wage setting and flexible working, helping to boost the country.
"Compared with other countries - especially some euro-area member states Germany is in a relatively good position," he declared.
In March, official figures from the Federal Statistical Office revealed Germany's employment rate rose during February for the third consecutive month, with 39.8 million people in jobs.
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