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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 ...
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 ...
By the late 1930s, the aims of German trade policy were to use economic and political power to make the countries of Southern Europe and the Balkans dependent on Germany. The German economy would draw its raw materials from that region, and the countries in question would receive German manufactured goods in exchange. [96]
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 "Freedom: Memoirs 1954-2021" (published by St. Martin's Press), former German Chancellor Angela Merkel writes about two lives: her early years growing up under a Communist-controlled police ...
During the years of 1931 and 1932 Germany was experiencing a 10% annual rate of deflation. [2] In early 1931 Woytinsky began developing a preliminary version of what would become the WTB plan, proposing the injection of money into the European economy via large-scale public works on an international scale.
“A lot has been left behind here over the past decades,” Alfred Kammer, IMF's Europe head, said on Germany's lagging economy. IMF sounds the alarm: ‘There can be no productive economy’ in ...