Word: giersche
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...West European recovery lagging behind the U.S.'s? The answer, according to Herbert Giersch, director of the University of Kiel's Institute for World Economics, is that European economies are too rigid to respond quickly enough to the rapidly changing world economy. Said he: "We are lagging in terms of flexibility of the labor market, in terms of product innovations and also in just entrepreneurial spirit in comparison with...
WEST GERMANY: "The upswing that had been talked about so much has started to the extent that the up is there, but the swing is still missing," said West Germany's Giersch. The consensus among forecasters, Giersch said, was for 2.25% growth this year, with inflation falling to 3%. Unemployment is likely to stay at 9% to 9.5% in 1983, and Giersch saw little improvement in that trend next year. He anticipated that the country's healthy current-accounts surplus, which is expected to total $4 billion this year, will remain near that level for at least...
...jobless benefits. Last year the total was around $9.7 billion. Similarly, in 1970 West Germany paid out about $48 billion, or more than 16% of the country's entire output, for health care and pension schemes/In 1980 the total had reached $136 billion, or nearly 22%. Says Herbert Giersch, director of the Institute for World Economics at Kiel and a member of TIME'S European Board of Economists: "The country's social welfare net needs basic structural changes. Public deficits cannot be filled with more government money, but with values like hard work, reasonable wage demands...
WEST GERMANY. After a decline in growth this year, expected to be around 2.5%, the West Germans can look forward to a modest 2% growth in G.N.P. in 1983, beginning in midyear, according to Herbert Giersch, director of the University of Kiel's Institute for World Economics. Inflation, now running at 4.5%, will fall to 3% by next December if wage increases are limited, as the government seeks, to 3.5% during 1983. That will be tough, said Giersch, since militant trade unions are already demanding salary hikes of about 7.5%. The government's recent efforts to stimulate...
...board members generally agreed, however, that Western Europeans in the past few years have extended far too much cheap credit to the Soviet bloc. Giersch estimated that if Western companies had been trading on a strictly commercial basis, without credit guarantees and subsidies by governments, there would have been perhaps as much as 30% less East-West business. Carli maintained that Western nations should reconsider all their past generous policies toward trade with the East...