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Deutschlands Wachstums- und Investitionsdynamik nach der globalen Finanzkrise

Listed author(s):
  • Georg Erber
  • Harald Hagemann

The German economy recovered more rapidly than the majority of other developed countries from the severe slump that the global economic and financial crisis brought in its wake. Weak demand in the euro area was offset by robust growth in exports to countries outside the region. The German economy's strong competitive position on global markets, particularly on the dynamic emerging and developing markets, played a vital role here. In contrast, over the last decade, the euro area's crisis countries in particular have experienced a decline in their competitiveness on international markets. Due to their dependence on the single European market and failure to focus on innovative products in demand on global markets, they are among the losers in the global competition for foreign direct investment. The reforms that have been introduced will not be able to generate an immediate trend reversal. Even Germany will struggle to maintain its favorable market position as global structural change and competition to attract business to the region are likely to increase in intensity. Deutschland hat sich von dem scharfen Einbruch infolge der globalen Wirtschafts- und Finanzkrise schneller erholt als die meisten anderen entwickelten Länder. Die Schwäche der Nachfrage aus dem Euroraum wurde kompensiert durch ein starkes Wachstum der Exporte in die Länder außerhalb der Eurozone. Eine wesentliche Rolle spielte dabei die hohe Wettbewerbsfähigkeit der deutschen Wirtschaft auf den Weltmärkten, insbesondere auf den dynamischen Märkten der Schwellen- und Entwicklungsländer. Dagegen haben vor allem die Krisenländer der Eurozone in der zurückliegenden Dekade an internationaler Wettbewerbsfähigkeit eingebüßt. Aufgrund ihrer Abhängigkeit vom europäischen Binnenmarkt und der fehlenden Spezialisierung auf innovative, auf den Weltmärkten nachgefragte Produkte zählen sie im globalen Standortwettbewerb zu den Verlierern. Die eingeleiteten Reformen werden nicht sofort eine Wende herbeiführen können. Selbst Deutschland wird es nicht leichtfallen, seine günstige Weltmarktstellung zu bewahren, da sich der globale Strukturwandel und Standortwettbewerb noch verschärfen dürften.

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Article provided by DIW Berlin, German Institute for Economic Research in its journal DIW Wochenbericht.

Volume (Year): 79 (2012)
Issue (Month): 46 ()
Pages: 12-22

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Handle: RePEc:diw:diwwob:79-46-3
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