Is The German Boom A Mirage
German economic activity, it’s said, is acting as a “locomotive” for growth across Europe. Real GDP in the euro zone grew 3.3 percent last year. Three million new jobs were created. Unemployment fell a full point to 7.4 percent. After decades of sub-par performance, many economists and politicians have begun talking of a “renaissance” in Europe, with worldwide benefits ranging from higher global investment returns to rising tax revenue and lower costs for social welfare and unemployment insurance....