(1888PressRelease)
November 16, 2007 - The German economy is set to slow down during next year, according to the country's Council of Economic Advisors.
The top economists who make up the government's advisory panel predicted that economic growth will stand at 1.9 per cent during 2008.
This compares with a growth rate of 2.6 per cent this year. In response, the so-called five wise men advised Chancellor Angel's Merkel's cabinet to leave in place reforms aimed at making the country more competitive, but which have proved unpopular.
These include rising the retirement age to 67, tweaking unemployment compensation policy and cutting labour costs.
The panel said that these measures have driven the country's economic upturn, citing the fact that unemployment has dipped by 700,000 since last year.
Manfred Weber, a member of the advisory committee, said: "The efforts of the political elite, companies as well as both employers and employees in recent years have begun to pay off - especially with regard to the labour market."
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