Leading business insurance broker Titan is looking to Germany to show the rest of Europe how to come out of the recession, but warns the euro nightmare could still be lurking in the wings.
Titan made the comments after hearing recent new year reports that overall German business confidence had risen dramatically over the holiday period and furthermore, that Germany is nearing full employment, with a thriving business insurance market.
German chancellor Mrs Angela Merkel was upbeat on her country’s prospects which she says has emerged even stronger from the recent economic crisis affecting the whole of Europe.
Mrs Merkel said that the country had the lowest rate of unemployment since reunification and the despite worries to the contrary Germany is still committed to the euro.
Figures backed up Mrs Merkel’s words, showing the Germany economy grew by 0.7% between July and September, 2010. This compares with a eurozone average of 0.4%.
Chief Executive Officer of Titan Insurance, ●, said:
“We can learn a lot from how Germany is handling the worst recession for decades. Things are set to get worse in the UK before things begin to start recover in the third quarter of the year as the austerity cuts lessen their initial impact and the world economy sees improved growth.
“But what concerns us, and our business insurance clients, is that the eurozone is a potential fault line which could derail many of the individual economies and scupper short-term recovery hopes.”
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