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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. [96]
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 ...
During the First World War, Schacht was assigned to the staff of General Karl von Lumm (1864–1930), the Banking Commissioner for German-occupied Belgium, to organize the financing of Germany's purchases in Belgium. He was summarily dismissed by General von Lumm when it was discovered that he had used his previous employer, the Dresdner Bank ...
Aenne Burda (28 July 1909 – 3 November 2005), born Anna Magdalene Lemminger, was a German publisher of the Burda Group, a media group based in Offenburg and Munich, Germany. She was one of the symbols of the German economic miracle .
Economic miracle is an informal economic term for a period of dramatic economic development that is entirely unexpected or unexpectedly strong. Economic miracles have occurred in the recent histories of a number of countries, often those undergoing an economic boom or described as a tiger economy .
As of 2013, Germany is the third-largest exporter and third-largest importer in the world, producing the largest trade surplus as a national economy. The German economy practically stagnated in the beginning of the 2000s. The worst growth figures were achieved in 2002 (+1.4%), in 2003 (+1.0%), and in 2005 (+1.4%). [76]
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 ...