Weasel
08-19-2005, 09:38 AM
One of the world's most respected news-weeklies, The Economist, has really gone out on a limb this week. Its lead article concerns the German economy and -- instead of the usual gloom and doom -- the magazine is forecasting a rosy economic future for the country. Also 9/11 suspect Motassadek gets a seven-year sentance while a German teenager builds his own rollercoaster. And just what do British troops wear under their uniforms?
With an election due in September, politicians continue their lament about the woes of the German economic crisis. But, one respected voice begs to differ. "The Economist" leads this week with a surprisingly chipper feature on German economic recovery. According to the magazine, the good times are just around the corner. For years now, Germany has been the underperforming sloth of the European economy. Weighed down by the astronomic costs of reunification and burdened with an expensive welfare system, the German economy is struggling. Unemployment is hovering around the 5 million mark, economic growth is practically zilch and consumer confidence has struck rock bottom. Germany has become one of the costliest places to do business in the world: in short -- Germany PLC looks to many like it's on its last legs.
But is all this negativity rather misplaced? "The Economist" certainly thinks so. Germany's national symbol -- an eagle - spreads its wings across this week's magazine's front cover and flexes its economic muscles. The eagle proudly sits beneath a striking headline: "Germany's surprising economy".
The magazine believes that Germany is back in business. "Germany, which has for so many years disappointed on the downside, could be about to surprise on the upside," its commentary declares. "Europe and the rest of the world have become so used to Germany's economic malaise that they have largely missed the recent signs of its revival."
Importantly, this world-famous economic journal is renowned for its precision of language and meticulous attention to detail. "The Economist" does not do "informed guesswork"; it does "logical, reasoned opinion." Accordingly, this opinion is respected around the world. So if "The Economist" is predicting an economic recovery in Germany, it's probably worth paying attention.
The magazine praises Germany for recent moves made to stimulate the economy and reduce business costs. German companies are congratulated for implementing restructuring operations and reducing over-wieldy cost bases, which have now made these businesses far more competitive and more profitable. Workers are beginning to accept longer hours and/or wage cuts in order to improve business performance in a global market. Unemployment is beginning to fall and social security reform has caused many more Germans to seek work. There is light at the end of the tunnel.
Admittedly, problems remain. Consumer confidence remains weak, says the magazine: the fear of losing one's job has stopped Germans splashing the cash. The government is hugely indebted, and a demographic crisis looms, as the population ages and births decline sharply.
But on the whole, the outlook has not looked so positive for a generation. Perhaps politicians and the electorate should not be so despondent after all. Though pointedly, in concluding, the magazine sounds one further note of caution.
"The story from Germany is about to become surprisingly good," its commentator writes, "so long as the politicians do not foul it up after next month's elections."
http://service.spiegel.de/cache/international/0,1518,druck-370461,00.html
With an election due in September, politicians continue their lament about the woes of the German economic crisis. But, one respected voice begs to differ. "The Economist" leads this week with a surprisingly chipper feature on German economic recovery. According to the magazine, the good times are just around the corner. For years now, Germany has been the underperforming sloth of the European economy. Weighed down by the astronomic costs of reunification and burdened with an expensive welfare system, the German economy is struggling. Unemployment is hovering around the 5 million mark, economic growth is practically zilch and consumer confidence has struck rock bottom. Germany has become one of the costliest places to do business in the world: in short -- Germany PLC looks to many like it's on its last legs.
But is all this negativity rather misplaced? "The Economist" certainly thinks so. Germany's national symbol -- an eagle - spreads its wings across this week's magazine's front cover and flexes its economic muscles. The eagle proudly sits beneath a striking headline: "Germany's surprising economy".
The magazine believes that Germany is back in business. "Germany, which has for so many years disappointed on the downside, could be about to surprise on the upside," its commentary declares. "Europe and the rest of the world have become so used to Germany's economic malaise that they have largely missed the recent signs of its revival."
Importantly, this world-famous economic journal is renowned for its precision of language and meticulous attention to detail. "The Economist" does not do "informed guesswork"; it does "logical, reasoned opinion." Accordingly, this opinion is respected around the world. So if "The Economist" is predicting an economic recovery in Germany, it's probably worth paying attention.
The magazine praises Germany for recent moves made to stimulate the economy and reduce business costs. German companies are congratulated for implementing restructuring operations and reducing over-wieldy cost bases, which have now made these businesses far more competitive and more profitable. Workers are beginning to accept longer hours and/or wage cuts in order to improve business performance in a global market. Unemployment is beginning to fall and social security reform has caused many more Germans to seek work. There is light at the end of the tunnel.
Admittedly, problems remain. Consumer confidence remains weak, says the magazine: the fear of losing one's job has stopped Germans splashing the cash. The government is hugely indebted, and a demographic crisis looms, as the population ages and births decline sharply.
But on the whole, the outlook has not looked so positive for a generation. Perhaps politicians and the electorate should not be so despondent after all. Though pointedly, in concluding, the magazine sounds one further note of caution.
"The story from Germany is about to become surprisingly good," its commentator writes, "so long as the politicians do not foul it up after next month's elections."
http://service.spiegel.de/cache/international/0,1518,druck-370461,00.html