31 March 2009 15:01 [Source: ICIS news]
TORONTO (ICIS news)--Germany’s real economy will shrink about 5.0% in 2009 before starting a slow recovery in 2010, the Organisation for Economic Cooperation and Development (OECD) said in a projection on Tuesday.
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German industrial producers, including the chemicals and automotives sectors, were focused on exports, a fact that made the country’s economy particularly vulnerable in the ongoing global downturn, the OECD said.
The organisation urged
On the positive side, it noted that German private consumption was supported, at least temporarily, by car purchases in response to government subsidies for scrapping old vehicles and buying new ones.
The 5.0% real GDP decline compares with a projection by
“We need a [private sector] investor, and there are interested parties who consider taking a stake in Opel,” Guttenberg, a member of Chancellor Angela Merkel’s CDU/CSU party, told German state media ARD in a briefing.
Investing in Opel was not the role of government, he said, adding: “The government is not a better entrepreneur than private firms.”
Merkel’s coalition partner, the leftist SPD party, has called for the government to take a stake in Opel. The issue has become a bone of contention within the German government, ahead of federal elections scheduled for 27 September.
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