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Exports to help German economy grow 1.5% in 2010
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08:45, September 22, 2009

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The German economy will get off recession and enjoy 1.5 percent of increase in 2010 helped by resurgent exports, according to an economic forecast published on Monday.

The German economy will bounce back in 2010 as exports will increase 5 percent by taking advantage of global recovery, the Cologne-based IW economic institute said.

"The hypothermia the economy suffered is no longer life-threatening," the IW said. "Still, it has a long way to go before it returns to normal temperature."

Next year's recovery will be accompanied by rising unemployment and shrinking private consumption as export-led growth is still not strong enough to push domestic investment that's needed to stem companies from shedding workers, the institute said.

The unemployment rate will grow to 9.5 percent in 2010 from 8 percent this year, which means 700,000 more people will lose their jobs, making total unemployment over 4.2 million, which will further depress domestic consumption, it said.

IW institute predicted the German economy will suffer a 4.5 percent of decrease, higher than the 5 percent of decrease expected by Germany's RWI institute on Sept. 15.

Source:Xinhua



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