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OECD sees German growth slowing in 2012

The Organisation for Economic Co-operation and Development (OECD) has predicted that Germany, Europe's top economy, will grow by 0.4 percent this year, the Economy Ministry in Berlin said on Tuesday.

Published: 14 February 2012 11:11 CET
OECD sees German growth slowing in 2012
Photo: DPA

“Due to weak foreign trade and the debt crisis in the eurozone, the OECD sees price-adjusted growth in gross domestic product in Germany of 0.4 percent,” the ministry said, ahead of the report’s official publication.

The German government itself expects growth of 0.7 percent this year and has insisted there is no danger of the world’s second-largest exporter after China falling into recession.

The German economy suffered badly during the 2008 global financial crisis, registering its worst recession in six decades.

But due to multi-billion-euro stimulus packages and a scheme allowing workers to reduce their hours while keeping their jobs, Chancellor Angela Merkel managed to keep a lid on unemployment and growth rebounded strongly.

After shrinking by around 5.0 percent in 2009, Germany marked record growth of 3.7 percent in 2010 and continued to expand at a decent clip of 3.0 percent last year.

German unemployment currently stands at a record low seasonally-adjusted rate of 6.7 percent.

Consumer and business confidence figures have also remained surprisingly strong despite the euro debt crisis, suggesting that Germany will continue to act as a strong anchor in the eurozone storm.

However, even Germany’s resilience will not be able to withstand completely a eurozone crisis that has threatened to tip the 17-nation zone as a whole into recession, economists say. Germany’s exports growth motor certainly slowed towards the end of last year.

Official gross domestic product (GDP) figures for the final quarter of 2011 are expected to be published on Wednesday.

The national statistics office Destatis has estimated that GDP likely shrank by “around a quarter of a percentage point” in the period from October to December as the eurozone debt crisis increasingly puts the brakes on growth.

The OECD report was due to be published officially at 12:30 pm (1130 GMT).

Economy Minister Philipp Rösler said in a statement: “The OECD report underlines that the federal government’s economic policy is exemplary.

“In particular, (the report) praises German labour market policy and said that the progress in this area should be an example for other countries. This is an excellent result that should however push us to continue along this path.

“We have to strengthen further the growth potential in this country,” the minister stressed.

AFP/mry

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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.'

Published: 7 February 2024 10:54 CET
Updated: 10 February 2024 08:20 CET
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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