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German economist optimistic of economic boom

English.news.cn   2014-04-25 07:37:59

FRANKFURT, April 24 (Xinhua) -- A German economist said on Thursday that the economic boom in Germany has resumed after the interruption of the euro crisis.

Christian Schulz, a senior economist at Berenberg Bank, made the remarks while commenting on the hike of the Ifo business climate index, which was regularly published by a Munich-based economic research institute and considered as a barometer of the German economy.

The Ifo Business Climate Index for industry and trade in Germany rose in April to 111.2 points from 110.7 points last month, the Ifo institute announced on Thursday.

The situation in Ukraine poses serious risk to the economic recovery in the eurozone at the moment, Schulz argued in a note to clients. "But German businesses seem to estimate that the worst-case scenario ... remains unlikely."

Schulz sees the rise of the Ifo business climate index as a result of improvement of some sectors of the German economy. Schulz cited the strengthening domestic demand, the broadening recovery in its most important export markets the eurozone and other developed economies.

Confidence in the domestic-oriented retail trade sector eased a little but remained at very high levels, while the wholesale trade sector improved markedly.

The volatile construction sector also reported a brighter outlook in April. The most important sector for the cycle, manufacturing, reached a new post-2011 high on the back of an improved export outlook, according to Schulz.

"Germany's 'Golden Decade', temporarily interrupted by the euro crisis, has resumed," he said.

Editor: An
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