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To: yard_man who wrote (178540)	7/9/2002 6:41:41 PM
From: Lucretius	Read Replies (2) \| Respond to of 436258

yawn

To: yard_man who wrote (178540)	7/9/2002 8:25:20 PM
From: Haim R. Branisteanu	Respond to of 436258

German Govt/IMF -3: Fiscal Policy, Euro Limit 2003 Growth The IMF report's concluding statement, released later by the finance ministry, confirmed the latest growth projections. In the statement, the IMF echoed claims by the government and leading economic think tanks that the German economy, which has been underpinned by exports, will benefit from stronger domestic demand. "Recent indicators and surveys of business confidence suggest that growth will pick up in the second half of this year," the IMF said. "As exporters continue to benefit from the improved external environment, first the inventory cycle, and then consumers enjoying greater purchasing power, should boost domestic demand," it added. Still, the IMF said several factors - including government budget austerity and the euro's higher foreign exchange rate - would restrain growth in 2003. "Growth momentum in 2003 is likely to be tempered by tight macroeconomic policy conditions: the planned fiscal consolidation will dampen domestic demand growth; low bank profitability will prompt more selective lending; and the recent euro appreciation, if sustained, will restrain exports," the IMF said. "Taking these factors into account, we project growth of 2.3% in 2003, following 0.8% in 2002. We expect inflation to remain around its current low level," it added. (MORE) Dow Jones Newswires 09-07-02