Germany returns - by Belabbes Benkreadda
After many years of stagnation, the world's leading export economy is back in full swing. Earlier this month, a UAE delegation led by Prime Minister and Dubai Ruler HH Sheikh Mohammed Bin Rashid Al Maktoum visited Berlin to woo German investors and boost bilateral relations with the UAE.
When Michael Glos presented Germany's Annual Economic Report 2008 in late January, the economy minister had all reason for optimism: Germany remains on an impressive expansion course, the economic recovery is making itself felt among the people, and the government reforms are finally paying off. Instead of the 1.8% growth predicted in the 2007 report, the economy grew by 2.5%, and unemployment is now down to 9% - the lowest level since 1995. Compared to previous phases of recovery, unemployment is falling significantly faster. Consumer confidence increased substantially, and private disposable income is expected to grow by 2.7% faster than consumer prices in 2008.
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