Germany's Recession: Could Be Worst In Its History

Deutsche Welle:

Germany could be set to face the worst recession in its history, an economic research group forecast Wednesday, Dec. 10. The announcement comes after the World Bank predicted a sharper global downturn.

The Rhineland-Westphalia Institute for Economic Research (RWI), a leading German economic research organization, said in a statement that Germany, Europe's largest economy, would see gross domestic product (GDP) shrink 2 percent next year.

In September, RWI had forecast growth of 0.7 percent in Germany for 2009, but downscaled this prediction after factoring in recent events in world-wide financial sectors.

"The reasoning is that the financial crisis is taking a wider toll on the economy than previously anticipated," the Essen-based group said.

Read the whole story: Deutsche Welle

Comments

[DXM]

Worst in Germany's history? It's ENTIRE history? Not to diminish the fallout from the current crises, I seem to recall from history that things were even more dire in Germany in the decade after the end of World War I when a broken post-war economy saddled with outrageously burdensome reparations ultimately destabilized the government and led to the rise of the Nazis. I hope things aren't THAT bad in Germany (or elsewhere, for that matter).

[chewie2008]

Don`t believe the hype.Yes there is a recession coming,but the worst in Germany`s history.La­ughable.Yo­u`re right,this is not the weimarer republik.The social net is so good and everyone has health care,so there won`t be any Nazis crawling out of under any rocks.Germany is very multicultural and open for the most part,though of course facing the same problems other countries do in that perspective.

p.s. If you want to look for Neo-Nazis I bet you would find more in Russia(oh...the irony)

[ToTink]

Wait till our recession/­depression­/hyperinfl­ation get's going - they ant seen nothing yet.
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