FRANKFURT (MNI) – The German economy will take time to return to
pre-crisis levels and may yet face fresh headwinds, German Finance
Minister Wolfgang Schaeuble warned in a guest column to be published
Friday in German daily Frankfurter Allgemeine Zeitung.
Despite record 2.2% q/q GDP growth in the second quarter and signs
of relatively sound growth ahead, Schaeuble warned that “there is no
place for complacency.”
“The level of GDP is still below that of 2007 or 2008. Even if the
recovery should continue at the recent pace, it will take some time yet
before the recession of last year will be overcome,” Schaeuble said.
Germany should also prepare for potential downward risks ahead that
may stem from “developments in raw material markets or weakening growth
in the U.S.,” he said.
Schaeuble warned that Germany must implement it budget
consolidation program in full regardless of recurring speculation of
improving or deteriorating conditions.
[TOPICS: MT$$$$,M$G$$$,M$X$$$,M$$CR$,MGX$$$]
