German Banks See 'Fragile' Recovery

The German economy is recovering from recession and will continue a "fragile" revival in 2004, as exports increase, companies boost investment and consumer spending goes up, the BDB banking association said. Europe's largest economy will grow 1.6 percent in 2004 after stagnating this year, said the BDB, whose 248 members include Deutsche Bank and Commerzbank. A slump in the dollar is the biggest risk for a global recovery, it said. "The economic outlook for Germany is brightening somewhat,'' said Norbert Walter, chairman of the BDB's committee on economic and monetary policy and Deutsche Bank's chief economist, in the text of a speech at a Berlin press conference.