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| Infographie : F. Descheemaekere |
O.E.C.D. Warns of Recession in Germany
[The New York Times]
The euro zone’s woes are finally taking their toll on Germany, the European economic powerhouse that has long avoided the worst of the crisis that began two and a half years ago.
Germany will sink into recession in the second half of this year, according to a forecast released Thursday by the Organization for Economic Cooperation and Development. It was stark evidence that solving the euro zone’s economic problems is vital to Germany’s economic well-being — not just as the chief financier of bailouts for weaker euro zone members but as a country that relies on exports to the rest of Europe to drive its own economic growth. Little wonder, then, that the German chancellor, Angela Merkel, has come around to the idea of the financial intervention that the European Central Bank announced Thursday afternoon in Frankfurt, just hours after the grim economic forecast was issued.
The O.E.C.D., which represents the 34 most developed nations, estimated that the German economy would shrink by 0.5 percent in the third quarter and 0.8 percent in the fourth quarter. At least two consecutive quarters of economic contraction is the textbook definition of a recession.
Lire : nytimes.com
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