-Martin Wansleben, DIHK chief
The German Chambers of Commerce markedly upgraded its growth outlook for this year, as plunging oil prices and a weaker Euro are predicted to underpin the Euro zone's powerhouse despite geopolitical tensions in Ukraine and uncertainty about Greece's future in the Euro bloc. The German economy is seen growing more strongly this year than previously expected. The think-tank revised its growth forecast for this year to 1.3% of GDP from 0.8% estimated in autumn last year. Yet, that remains less optimistic than the official forecast from the German government, which expects the nation's economy to expand 1.5% this year, unchanged from the past year. The exports are predicted to soar 5%, while imports are forecasted to surge 6%. The group surveyed 27,000 German companies, which sounded upbeat due to lower oil prices and better sales prospects. The trade and industry lobby group also said it expects 200,000 new jobs in 2015, about 50,000 more than expected in its 2014 survey. Meanwhile, Greece's officials and Euro zone finance leaders failed to reach an agreement after seven hours talks in Brussels, but both parties hinted that there was still hope for a deal. Officials said that negotiation will resume next week. Greek Finance Minister Yanis Varoufakis outlined on Wednesday that the debt-stricken Greece is unable to meet its financial obligations and that there should be a "haircut" at some stage.
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