The Economist magazine called it an "economic miracle." Germany had a very strong recession due to a decline in the manufacturing industry's business activities. However, due to a great management, its economy expanded by 3.6% in 2010, far faster than many other rich countries.
By keeping its finances under control it did not experience property or credit crises, and by focusing on exportation it has kept unemployment down and grow its GDP per head.
The country management strategy was to use its skills and excel in profitable niches, then focus in being the best in them. The state strongly supports research institutions and middle size companies. In addition to having reforms that made labour markets more flexible, work a bit more attractive, and focusing in nurturing of talent.
As an example, it intelligently chose to produce what a booming China wants: from luxury cars to the machinery that enables Chinese factories to function.
By keeping its finances under control it did not experience property or credit crises, and by focusing on exportation it has kept unemployment down and grow its GDP per head.
The country management strategy was to use its skills and excel in profitable niches, then focus in being the best in them. The state strongly supports research institutions and middle size companies. In addition to having reforms that made labour markets more flexible, work a bit more attractive, and focusing in nurturing of talent.
As an example, it intelligently chose to produce what a booming China wants: from luxury cars to the machinery that enables Chinese factories to function.
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