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Germany to boost growth and balance trade flows

The world's most successful exporters, led by China and Germany, will take new measures to boost domestic consumer demand, according to a draft statement debated at the G20 summit Thursday.

Germany to boost growth and balance trade flows
Photo: DPA

According to a version of the probable final communique of the meeting, the world’s export powerhouses will agree to try to rebalance global trade flows and boost job creation by reducing their trade deficits with their partners.

“Australia, Brazil, Canada, China, Germany, Korea and Indonesia, where public finances remain relatively strong … agree to take discretionary measures to support domestic demand as appropriate,” the draft says.

The leaders of the world’s most powerful economies, who between them account for more than 85 percent of global output, are meeting in the French resort of Cannes to discuss ways of kickstarting growth and heading off recession.

Thursday’s talks were dominated by the eurozone sovereign debt crisis and measures to boost the IMF and the European Union rescue fund, in order to save the EU single currency and protect banks in the event of a Greek default.

On Friday, the powers are due to discuss measures to boost growth, and manufacturers and exporters such as China and Germany are expected to come under pressure to expand domestic demand.

According to the statement, economies “in surplus will adopt macroeconomic policies to move towards more domestic-led growth, thus supporting the global recovery and financial stability.”

The statement, which has yet to be approved, but which has been seen by AFP, also prescribes specific remedies for the top two net exporters.

“Germany will implement measures to promote private consumption and investment … by alleviating inefficiencies that may underpin low investment and high private savings,” it says.

“China will rebalance demand towards domestic consumption by implementing measures to strengthen social safety nets, increase household income and transform the economic growth pattern,” it suggests.

“These actions will be reinforced by ongoing measures to promote greater exchange rate flexibility, to better reflect underlying economic fundamentals and gradually reduce the pace of accumulation of foreign reserves.”

The G20 summit is due to finish on Friday.

AFP/mdm

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WORKING IN GERMANY

Which Bavaria-based companies regularly hire English speakers?

Bavaria is no doubt a beautiful state with a strong economy, but can be a hard place for non-German speakers to integrate. The Local takes a look at job opportunities in Germany’s southeastern 'Free State.'

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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