Demand too Weak for an Upturn - A Cyclical Comparison

Gustav A. Horn

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Demand too Weak for an Upturn - A Cyclical Comparison

机译：需求太弱而无法复苏-周期性比较

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The German economy is not gathering momentum. Overall output has been practically stagnant for three years now, and this trend has been interrupted by at best brief and unconvincing phases of activity. A comparison of the current economic lull with similar cycles in the past reveals striking differences, which make the current situation look like a new type of stagnation phenomenon. Unlike previous weak phases, wage growth cannot be blamed this time round. In fact, the main cause of the weak growth trend is the widespread decline in demand.

机译：德国经济没有发展势头。到现在为止，三年来总体产量几乎停滞不前，而这种趋势在最好的短暂和缺乏说服力的活动阶段已被中断。将当前的经济平静期与过去的类似周期进行比较，发现了惊人的差异，这使当前的状况看起来像是一种新型的停滞现象。与之前的疲软阶段不同，这次工资增长不能被指责。实际上，增长趋势疲软的主要原因是需求的普遍下降。

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《Economic bulletin》 |2003年第6期|共8页
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Gustav A. Horn;
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中图分类世界各国经济概况、经济史、经济地理;
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Demand too Weak for an Upturn - A Cyclical Comparison

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