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Financial News: Economic Advisers Raise Germany's Growth Forecast

Economic Advisers Raise Germany's Growth Forecast

11/08/2017 - 06:34:00 (RTTNews)

(RTTNews) - A panel of economic advisers to the German government raised their growth projections, on Wednesday.

Gross domestic product is forecast to grow 2 percent this year instead of 1.4 percent projected in March, the German Council of Economic Experts said in their annual report.

Similarly, the outlook for 2018 was lifted to 2.2 percent from 1.6 percent.

For the euro area, the GCEE forecasts GDP growth of 2.3 percent in 2017 and 2.1 percent in 2018.

"The solid economic situation provides an ideal opportunity to re-adjust economic policy in order to prepare Germany for the challenges of the future," the Chair of the GCEE, Christoph Schmidt, said.

Advisers urged the European Central Bank to publish a strategy for monetary policy normalization and end the bond purchase programme earlier than planned.

They also advised the Governing Council of the ECB to enhance its forward guidance communication to make it easier for market participants to form expectations and increase the effectiveness of monetary policy.

According to 5-member council, Germany's budget surplus opens up space for growth-friendly reforms. The consolidation of public finances to ensure sustainability should remain a top priority, they said.

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