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The Wirtschaftswunder (German: [ˈvɪʁt.ʃaftsˌvʊndɐ] ⓘ, "economic miracle"), also known as the Miracle on the Rhine, was the rapid reconstruction and development of the economies of West Germany and Austria after World War II. The expression referring to this phenomenon was first used by The Times in 1950. [2]
The year 1989 was the last year of the West German economy as a separate and separable institution. From 1990 the positive and negative distortions generated by German reunification set in, and the West German economy began to reorient itself toward economic and political union with what had been East Germany. The economy turned gradually and ...
This included Silesia, Germany's second-largest industrial center after the Ruhr. West Berlin is shown in yellow. The industrial plans for Germany were designs the Allies of World War II considered imposing on Germany in the Aftermath of World War II to reduce and manage Germany's industrial capacity. [1]
He was appointed Federal Minister for Economic Affairs, a position he would hold for the next 14 years; from 1957 to 1963 he was also the vice-chancellor of Germany. Erhard's financial and economic policies soon proved widely popular as the German economy made a miracle recovery to rapid growth and widespread prosperity in the 1950s, overcoming ...
The transition of West Germany from a debtor to a creditor by the middle of the 1950s had an impact on Germany's economic growth as well. [11] The agreement's outcome can be described as a German economic miracle. Germany achieved all of the above, despite being obligated to pay the total amount of war reparations (with interest) prior to the ...
The German economic miracle petered out in the 1990s, so that by the end of the century and the early 2000s it was ridiculed as "the sick man of Europe." [26] It suffered a short recession in 2003. The economic growth rate was a very low 1.2% annually from 1988 to 2005.
In 1957, West Germany is one of the founding nations of the European Economic Community. In 1973, West Germany joins the United Nations (formed in 1945). In 1991, a unified Germany is allowed by the Allies of World War II to become fully sovereign after signing the Treaty on the Final Settlement with Respect to Germany.
West Germany was formed as a political entity during the Allied occupation of Germany after World War II, established from 12 states formed in the three Allied zones of occupation held by the United States, the United Kingdom, and France. At the onset of the Cold War, Europe was divided between the Western and Eastern blocs. Germany was divided ...