Special Feature

Excessive Optimism

As far as economic performance goes, Germany was undoubtedly the surprise of the year in 2006, but can it continue to shine this year too? There are a number of signs pointing to a serious slowdown: one is that demand from abroad is unlikely to expand at the pace of recent years, another is the impact of higher interest rates and considerably higher taxes. Consequently, we envisage no more than 1.7% real GDP growth this year, and possibly 2% in 2008.

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