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Business

Chamber of Commerce Calls Recovery "Flash in the Pan"

The Germany economic recovery will likely not gain enough momentum to be sustainable, according to a survey of 22,000 companies carried out by the German Chambers of Commerce (DIHK). Stagnant domestic demand is the culprit, according to the firms polled, in addition to a cooling of the global economy, which will in turn depress German exports, the only factor that has been driving the country's weak recovery. According to the DIHK, growth rates in Germany comparable to those in the U.S. are not likely. Its analysts said the nation's high unemployment rate and weak consumer demand will keep growth down to 1 to 1.5 percent. The economy is fairly robust now, the DIHK said, but there are clouds on the horizon -- namely climbing oil prices and several warning signs that inflation rates could start rising.