Arab Today, arab today ecb\s asmussen german economy to grow more strongly in q2
Last Updated : GMT 03:42:20
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ECB\'s Asmussen: German economy to grow more strongly in Q2

Arab Today, arab today

Arab Today, arab today ECB\'s Asmussen: German economy to grow more strongly in Q2

Berlin - XINHUA

European Central Bank executive board member Joerg Asmussen said on Friday Germany\'s economy will grow more strongly in the second quarter, but warned the eurozone powerhouse must carry out futher reforms to avoid becoming the \"sick man of Europe\" again. \"I think there is good reason to believe that the second quarter will be better than the first one,\" Asmussen told journalists in Berlin. The German economy grew slightly by 0.1 percent in the first quarter of 2013. However, Asmussen, member of the opposition Social Democrats (SPD), said Germany needed to continue to reform in fields like the education system, infrastructure, and the tax system, adding that Germany has been reaping the rewards of labor market reforms launched by former SPD chancellor Gerhard Schroeder. \"If it does not continue to reform, it will be the sick man of Europe again in five to 10 years,\" Asmussen said. The term \"sick man of Europe\" was applied to Germany in the late 1990s because of its economic problems, especially due to the costs of German reunification. The German government forecast the economy to grow by 0.5 percent in 2013 and 1.6 percent in 2014.

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