In light of the widening financial crisis in the United States and a weakening economy the German government is to lower its economic growth forecast for next year.
The weekly Der Spiegel reported that Economy Minister Michael Glos is to reduce GDP prediction to only one half of one percent, down from 1.2 percent. The government has not confirmed the report. Meanwhile, the European Central Bank's chief economist Jьrgen Stark expressed scepticism that under the current circumstances the German government would be able to fulfil its goal of balancing the federal budget by the year 2011.
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