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Merkel warns of tougher times ahead
Published: 31 Dec 12 09:15 CET | Print version
Online: http://www.thelocal.de/national/20121231-47053.html
Chancellor Angela Merkel warned Germans that the economy, Europe's biggest, would experience a harder time next year than in 2012 and cautioned that the eurozone debt crisis was far from over.
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Although top exporter Germany has managed to hold up to the crisis fairly well, growth has slowed here since the beginning of the year.
After expanding by 0.5 percent in the first quarter of 2012, gross domestic product (GDP) grew by just 0.3 percent in the second quarter and a mere 0.2 percent in the third quarter.
In October, the government slashed its forecast for economic output next year to 1.0 percent, compared to 1.6 percent previously seen.
The country's gloomy central bank has said Germany may even flirt briefly with recession early next year.
The Bundesbank also forecast that Germany would only grow by a meagre 0.4 percent in 2013.
Nevertheless, "it has been possible this year to have the lowest unemployment and the highest level of employment since reunification" in 1990, Merkel recalled.
And a slowdown next year "should not leave us discouraged but should spur us on", said the chancellor, according to the text of her speech released in advance by her office.
Turning to the eurozone's efforts to tackle its three-year debt crisis, she judged that "the reforms that we have decided are beginning to work. However, we still need more patience. The crisis is a long way from being overcome."
Merkel also called for better supervision of the financial markets, stressing: "The world has still not sufficiently learned the lessons of the devastating financial crisis of 2008."
AFP/The Local/mw
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Your comments about this article:
"Merkel, her ministers and their parliamentary secretaries of state will see their wages rise in three stages between now and August 2013, until they all get 5.7 percent more.
The chancellor's total pay is set to rise from €16,152 per month before tax to around €17,016. This does not include her €1,022 ¦quot;special duties¦quot; allowance.
Ministers' pay will rise by €750 euros to around €13,795 a month. This will amount to a bump of around €9,000 over a year. "
"The situation is better than expected because of stronger trade with the US and Asia, among other things. The German economy will therefore grow at a decent rate in 2013," Schäuble said.
But remember brainwashed supporters austerity begins at home ,
your home.
To many Germs this topic must have a chilling effect. A few days ago, the tone was cheerful for finance minister Wolfgang Schäuble(optimistic) and chancellor Angela Merkel (canny). Mr. Schäuble has been quoted by The Local as saying that ''the worst is behind us''. Certainly German citizens were felt relieved as a period of stable economy was in sight. Now none of that. Does time of mirth has a so short lifetime?