BERLIN, Jan. 29 (Xinhua) -- The German government expects the country's economy to grow by 1.1 percent in 2020, it said in its annual economic report published here on Wednesday.
Compared to the previous year, when economic growth was 0.6 percent only, the government expects the country's economy to "pick up some momentum again."
"After a temporary phase of weakness, the first silver lining is now visible on the horizon, giving rise to hopes of an upturn in the global economy and somewhat stronger growth," German Minister for Economic Affairs and Energy Peter Altmaier said.
The unemployment rate in Germany is expected to remain stable at 5.0 percent, while the number of people in employment is projected to grow to a new record of 45.4 million, an increase of 190,000, the report noted.
Supported by rising wages, the social security system and lowered income taxes, private incomes in Germany should continue to rise noticeably, according to the government report.
However, the Federation of German Industries (BDI) warned that now is not the time for political inaction. "It is of little help to hide behind the weak development of the world economy," said BDI Director General Joachim Lang.
The BDI has recently predicted "weak economic growth" and expects Germany's gross domestic product (GDP) to grow by just 0.5 percent in 2020.
