News ID: 202381
Published: 0323 GMT October 14, 2017

German economic growth gains momentum

German economic growth gains momentum

By Hossein Ziaei*

Although the crisis and growing damages brought about by the entry of Germany's rightwing AfD party into the parliament have been considered irrefutable by political observers, but there are evidences of continued growth process of the country's economy.

Based on estimates by German economic experts, the country's gross domestic product will witness a two-percent growth during current year and the rate will show a 9.1-percent growth during 2018.

The German government has already forecast a 5.1 percent growth in GDP for 2017 while the figure will rise to 6.1 percent in 2018, according to government estimates.

So, it is not surprising that German Economy Minister Brigitte Zypries recently told reporters that the German economy is in very good condition.

She said that the reduction in unemployment and the rise in wages are undergoing an upward trend in the current year and this will continue in 2018.

On the other hand, according to a report by German central bank, Deutsche Bundesbank, the Germans are among the wealthiest nations in the world with €5.676 trillion in reserves which includes cash, bank deposits and bonds. In fact, the fund stimulates a boom in the German economy.

These positive points of Germany's economy are not reserved just for Germans but also help joint investors of the country to provide more than four million jobs throughout the European Union.

A Swiss research institute published the results of a new study that Germany's positive trade balance has contributed to the rise in job opportunities in the European Union. The findings reject claims by the US president that the economic development of Germany strikes the economy of the US and other European countries.

Anyway, what is certain is that Germany's continued growth helps the country to have a strong position in the international arena and emerge as a powerful player in the European Union.

 

*Hossein Ziaei is an Iranian journalist based in Germany.

   
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