19 January 2011 15:24 [Source: ICIS news]
The increase this year would come after 3.6% growth in 2010 and a 4.7% decline in 2009 from 2008.
In an official outlook report, entitled “Jahreswirtschaftsbericht 2011”, the government said strong export demand in 2010 had sparked higher domestic demand as well.
Unemployment was falling, with overall employment reaching 40.5m people – the highest level since the country’s reunification, it said.
At the same time, the government would consolidate public budgets and continue to phase out measures that supported the economy during the crisis, it added.
Eurozone countries needed to take additional steps to improve “monitoring of economic policies,” the EU's growth and stability pact needed to be strengthened, and the eurozone needed to prepare for future liquidity and solvency crises, the government said.
Martin Wansleben, general manager of the German chamber of commerce (DIHK), said stability in the eurozone was key for
All eurozone member states needed to control government spending and take steps to improve their competitiveness, he said.
Wansleben also said that
Anton Borner, head of German exporters trade group BGA, warned
Higher interest rates could help dampen inflation, Borner said. However, the European Central Bank was not likely to raise rates given the fragile state of the economy in some eurozone countries, he added.
However, last week a chemical employers’ trade group said that
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