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Economy Overview:
Germany's affluent and technologically powerful economy - the fifth
largest in the world - has become one of the slowest growing economies
in the euro zone. A quick turnaround is not in the offing in the
foreseeable future. Growth in 2001-03 fell short of 1%, rising to 1.7%
in 2004 before falling back to 0.9% in 2005. The modernization and
integration of the eastern German economy continues to be a costly
long-term process, with annual transfers from west to east amounting to
roughly $70 billion. Germany's aging population, combined with high
unemployment, has pushed social security outlays to a level exceeding
contributions from workers. Structural rigidities in the labor market -
including strict regulations on laying off workers and the setting of
wages on a national basis - have made unemployment a chronic problem.
Corporate restructuring and growing capital markets are setting the
foundations that could allow Germany to meet the long-term challenges of
European economic integration and globalization, particularly if labor
market rigidities are further addressed. In the short run, however, the
fall in government revenues and the rise in expenditures have raised the
deficit above the EU's 3% debt limit.
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