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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]
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. [98]
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". [122] It suffered a short recession in 2003. The economic growth rate was a very low 1.2% annually from 1988 to 2005.
After the signing of the agreement, it stabilized due to the debt relief. 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.
This type of action to help the German economy had been prohibited by the directive. In 1947, the Marshall Plan , initially known as the "European Recovery Program" was initiated. In the years 1947–1952, some $13 billion of economic and technical assistance – equivalent to around $140 billion in 2017 – were allocated to Western Europe.
After World War II, many countries adopted policies of economic liberalization in order to stimulate their economies.. The period directly after the war did not see many, the most notable exception being West Germany's reforms of 1948, which set the stage for the Wirtschaftswunder in the 1950s and helped inform many of the liberalisations that were to come.
“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 ...
Both the Soviet and German economies had grown coming out of dire economic slumps in the late 1920s following World War I and the Russian Revolution. [13] The German economy experienced real growth of over 70% between 1933 and 1938, while the Soviet economy experienced roughly the same growth between 1928 and 1938. [13]