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Top economist forecasts solid 2011 growth

The Local · 24 Dec 2010, 13:37

Published: 24 Dec 2010 13:37 GMT+01:00

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"The recovery is continuing, even if its not with quite as much gusto as this year," commented Ifo president Hans-Werner Sinn in the Bild newspaper. "That makes Germany the economic locomotive of Europe."

Sinn also predicted that the job market will stay "very pleasing" in 2011. "The number of unemployed will drop by another 300,000 to an average of around 2.9 million," he said, before adding that he even expected wages to rise after years of stagnation.

Inflation is expected stay at a steady 1.7 percent. "That's 0.2 percentage points more than the eurozone average, because the economy is stronger in Germany," said Sinn.

But Sinn said there would only be a modest, one-percent increase in pensions. "Judging this figure, you have to take into account that pensions were not cut at all this year, even though wages did fall last year because of the introduction of part-time work and the recession," he explained.

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DAPD/The Local/bk

The Local (news@thelocal.de)

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Your comments about this article

16:47 December 24, 2010 by storymann
Always good to hear positive news....
18:22 December 29, 2010 by yhsanjay
Everything positive needs a warm welcome. The economic growth news eluded us for a few years and we are used to hearing about job losses, slowdowns, shutdowns and so on.Its great to be back on the growth track once again.

But the flip side says that oil prices will increase and touch $ 100 (US) very soon moving further northwards due to the major economies picking up and so also the demand for oil.
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