Merkel sees economic upturn in 2010 after gloomy 2009

November 27th, 2008 - 12:09 am ICT by IANS  

Berlin, Nov 26 (DPA) German Chancellor Angela Merkel said Wednesday that 2009 would be a gloomy year for Europe’s largest economy, but predicted the situation would improve in 2010.”Germany is very strong,” she told the lower house of parliament. It was in a better position than other economies to weather the financial crisis, she said.

Merkel used a debate in the Bundestag on next year’s budget to defend measures taken by her coalition of conservatives and Social Democrats to shore up the German economy and help it out of recession.

An economic stimulus package announced by her government over the past two months was intended to pave the way for investment and employment “until an economic recovery happens.”

She said: “2009 will be a year of bad news. That is why we are building a bridge to ensure things get better in 2010.”

The world financial crisis has pushed the global economy into a tailspin, forcing Berlin and other governments to unveil stimulus packages aimed at underpinning economic growth.

Merkel said Germany was not in a position to combat all negative global trends and needed to act in coordination with the European Union and other nations as well as taking its own measures.

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