In the last few decades, Germany has established its economic standing on the world stage substantially. Germany has long been a manufacturing giant, hailed for the superior quality of its products and its future looks stronger each year.
Read on to learn more about Germany’s economic prowess and its entrepreneurial nature.
Today, Germany is home to many global technological and automotive manufacturing companies. The country has been successful in diversifying its wealth, and thanks to this it’s now Europe’s number one economy, and number four internationally. It is the largest manufacturer in Europe and remained largely unaffected in the economic crisis of 2008. The nation is already preparing for the next industrial revolution: Industry 4.0, a digital revolution.
In 2016, Germans were the largest exporters in the world. Their products have long been associated with reliability and quality. Thanks to this reputation, foreign investment in Germany is high and is responsible for 3 million jobs.
Germany enjoys a highly qualified workforce and Germans are known for their entrepreneurial flair, resulting in a high innovation output. With a great deal of excellent academic institutions, including GISMA, students leave with unmatched skills and knowledge.
However, it’s not just the corporate powerhouses and big names like Volkswagen, Mercedes-Benz, and Deutsche Bank, bolstering German economic success.
Over 90% of businesses in the country are small and medium-sized enterprises (SMEs), which are often family owned. These businesses also play a big role in Germany’s rise, and are heavily involved in its exports due to their niche products.
Though Germany’s rival economic power, the USA’s economy has been hurt by competition from China, Germany has taken advantage of Chinese consumerism by exporting many products to the Far East. Germany has now overtaken the US as China’s largest trading partner.
This is something that Germany is often hailed for — its ability to create and maintain good financial relations with both the developed and developing world.
2018 analysis reports for Germany predict its GDP will continue to rise and employment to remain steady, making it the ideal place to work and study. Have a look at the Business programmes we offer in Berlin with intakes in February and April 2019 and benefit from the opportunity to apply for an 18-month post study permit.