November 12, 2008 19:10
An independent economic advising body on Wednesday forecast zero growth for the German economy next year, defying the government's current forecast of 0.2 percent for2009.
In an annual report issued Wednesday, the German Council of Economic Experts said economic growth in Germany would slow to a standstill in 2009 in the wake of the global financial crisis. There was a 1.7-percent growth of the economy in 2008.
The prediction was more pessimistic than that of the German government, which last month cut its own forecast for 2009 from 1.2 percent to just 0.2 percent.
The panel also predicted a rise in unemployment in the biggest economy of Europe in 2009, saying that the number of jobless Germans would register an average 3.3 million next year, up from 3.27 million this year.
Official statistics showed that the number of jobless in Germany fell to just below 3 million in October for the first time in 16 years.
The German unemployment rate peaked at 12.6 percent in February 2005 -- with a post-reunification record 5.216 million people jobless.
In the face of the financial crisis and economic slowdown, the report considered planned government measures to support the economy "insufficient."
The German Council of Economic Experts was established in 1963 to give advice to the government on economic policy.
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