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Business

Economic Growth to Accelerate in 2005

Germany's economic recovery looks set to pick up pace next year, according to the Cologne-based German economic institute IW. "We see a chance for a prolonged recovery," said IW's director, Michael Hüther. He said the economy is expected to grow by 2 percent next year, following a growth this year of 1.75 percent. The conditions for more investment also look favorable. "In comparison to this year, the number of employed should increase by 180,000, and the number of unemployed sink by 150,000 to around 4.2 million," Hüther said, adding that Germany has proved itself to be capable of implementing economic reforms.