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Economists boost growth forecasts for Germany

Economists from leading German banks and economic research institutes on Thursday adjusted their 2010 growth forecasts for Europe's largest economy upwards amid improving signs for a healthy recovery after the financial crisis.

Published: 27 August 2009 10:15 CEST

Economists boost growth forecasts for Germany

Photo: DPA

Deutsche Bank, Germany’s largest private financial institution, now predicts economic growth of 1.4 percent for 2010, up one percentage point from its previous forecast of just 0.4 percent, daily Frankfurter Rundschau reported.

The bank also reduced its forecast for 2009 to a contraction of 5.2 percent, down from 6.0 percent.

Meanwhile the German Institute for Economic Research (DIW) reduced their projected 2009 economic shrinkage to between 5.0 and 6.0 percent, down from 6.4 percent. The DIW also said their anticipated growth rate of 0.5 percent for next year was too low.

Frankfurt-based Dekabank and investment bank Goldman Sachs also brightened their economic outlooks.

“The horror scenario from last year of five million jobless is off the table,” Dekabank spokesperson Andreas Scheuerle told Frankfurter Rundschau.

Experts are still warning against too much euphoria over the new predictions, though.

“We are seeing a stabilisation phase,” DIW economy expert Christian Dreger told the paper. “But overall Germany will slowly move itself out of the crisis.”

Gustav Horn, head of macroeconomic and market research at the Hans Böckler Foundation (HBSt), said he fears setbacks.

“It’s not yet the recovery,” Horn said. “Now there is no steep climb ahead, but a long valley hike.”

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Which Bavaria-based companies regularly hire English speakers?

Munich ranks third in German cities with the highest total GDP, behind Berlin and Hamburg, but in terms of GDP per capita, it’s higher than both of them.

It also consistently ranks high, often highest, in terms of average household income.

As of 2023, nine of the 40 companies listed on DAX, Germany’s stock index, were based in Bavaria. Seven of those are based specifically in Munich.

While Frankfurt is commonly known to be Germany’s business capital, Munich can claim the title of Germany’s insurance capital, which is saying something, as Germany is home to some of the largest insurance firms in the world, like Allianz.

Beyond the state’s capital city, a number of international companies are based elsewhere in Bavaria, particularly in the Franken region, near Nuremberg.

Which companies actively hire English speakers?

Bavaria, and Munich in particular, is home to a number of companies at the forefront of international business. But the state is known for its traditional, sometimes conservative, culture, which affects its business culture as well.

Whereas companies embracing English as their primary business language are easy to find in Berlin, the practice is less common in the south. That said, there are some notable exceptions.

Sportswear giants, Adidas and Puma, both have their headquarters near Nuremberg in Herzogenaurach, and regularly recruit English speaking international talent.

“As an international company, our teams reflect the rich diversity of our consumers and communities,” Jon Greenhalgh, Senior Manager Media Relations for Adidas told The Local. “Fostering a culture of inclusion where we value and leverage differences, ensures that we can authentically engage with our employees and truly connect with our consumers.”

He added that around 40 per cent of Adidas’ Germany-based employees are foreign nationals, from over 100 different countries.

Siemens and BMW rank among Bavaria’s top employers, and are also known to hire their fair share of foreigners.

“In Germany, we recently had around 2,000 open positions,” Konstanze Somborn told The Local on behalf of Siemens AG.

He added that Siemens operates in 190 countries. “That is why we value international teams very much…English as a common language is very usual.”

READ ALSO: ‘Which German companies want to hire foreigners?’

Similarly, BMW hires workers from a variety of backgrounds.

“Every year, we hire lots of internationals and welcome them to the BMW Group,” Dr. Hans-Peter Ketterl, a press spokesman for BMW Group told The Local.

But not all of these positions are available to non-German speakers.

Ketterl added that BMW’s working language is German in the country, even though, “English is an indispensable entry requirement as the second corporate language in many areas of the company.”

Check job boards and follow best practices

If it’s your first time applying for jobs in Germany, make sure to change your resume to the German format, even for English positions.

While Germany is home to its own job boards, like Xing, LinkedIn is probably the best place to start. In addition to searching for positions based in your preferred location, you can check relevant groups, like Munich Startups, to broaden your horizons.

The English Jobs in Germany website is also a good resource to start with.

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