Slim Chances for Quick German Recovery

The first half of 2003 is expected to get off to a slow start, the Federation of German Industries said in a report released on Monday. And overall growth for the year is expected to reach a maximum of 1 percent. "Germany's economic future is still tied to that of the world economy and that of the United States," said association President Michael Rogowski. The economic implications of a possible Iraq war are difficult to predict, he said. The group also cautioned that if the euro continues to gain in value against the U.S. dollar, German exports will come under pressure.