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German economy seen shrinking 6 percent in 2009
Published in Saudi Press Agency on 23 - 04 - 2009

Germany's economy will shrink by 6 percent this year and will continue to contract in 2010 as its key
export sector is hit by the global economic crisis, leading
German economic research groups predicted Thursday, according to AP.
The organizations, which include Munich's Ifo Institut and
Kiel's Ifw, said the continuing slump would lead to a spike
in unemployment as businesses struggle to keep afloat.
«Through 2009 we anticipate a loss of more than 1 million
jobs... and in the fall total unemployment will be over the
4 million mark,» the think tanks said in a statement.
«For 2010 the institutes expect no drastic rebound. GDP
should sink 0.5 percent and by the year's end we anticipate
just under 5 million unemployed.»
The dour prediction comes a day after the International
Monetary Fund forecast that the German economy, Europe's
largest, would contract by 5.6 percent this year as its
export-dependent industry continues to suffer from weaker
demand around the world. The IMF had predicted only a 2.5
percent decline in January.
Meanwhile, German Economy Minister Karl-Theodor zu
Guttenberg said Wednesday that the government expects a
contraction of more than 5 percent in 2009, but did not
give a specific figure. The government had predicted a 2.25
percent decline in January, and is due to give its official
revised figure next week.


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