2004 OECD Economic Surveys: Germany 2004

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Germany’s strong export performance is helping to restore growth, but in this 2004 review of Germany’s economy, OECD suggests further measures to create confidence and strength in the economy. In particular, OECD carefully examines linking fiscal consolidation to public sector reform, measures to create employment, and fostering product market competition. This edition’s special feature looks at how to improve Germany’s capacity to innovate.

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Assessment and Recommendations

With the effects of adverse external shocks diminishing, the German economy is currently recovering, ending a couple of years in stagnation on the back of its traditionally strong, competitive and innovative export-oriented manufacturing sector. However, the economy is far from operating at full strength due to the weakness of final domestic demand. Poor labour market performance continues to weigh on consumer sentiment and business confidence remains volatile. The labour market suffers from weak growth and distorted incentives, with both contributing to problems in taking up work and providing employment. Although monetary conditions should remain supportive for GDP growth in the euro ...

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