OECD optimistic on Germany

THE ORGANISATION for Economic Co-operation and Development yesterday published an upbeat assessment of German economic prospects.

The OECD said the German economy should grow by 2.7 per cent this year and 2.9 per cent in 1999 after emerging from a phase of painful restructuring. However, it warned that Germany could struggle to get unemployment down.

The Federal Labour Office said the number of Germans without work rose slightly in July but the increase was smaller than in previous years, signalling an improved job market.