The second lockdown, imposed at the beginning of November in hospitality venues and expanded in mid-December to include most shops and services, caused a plunge in household spending in the fourth quarter, the office said. Disposable income rose slightly, however, thanks to job protection schemes and state aid for parents. As the lockdown prevented many consumers from spending, the savings rate was an unusually high Household spending fell 3.
Exports grew 4. This meant net trade contributed 0. The Survey underlines that effective integration policies for the newly arrived immigrants will be critical for Germany to improve economic outcomes and ensure social cohesion.
This requires up-front spending on training and language skills. Giving access to the labour market more quickly to all refugees who are likely to stay and boosting active labour market programmes will also be necessary. Germany has implemented far-reaching labour market reforms in the past, but it can do more to eliminate the barriers for women to develop their professional careers, which would boost well-being and incomes substantially.
The introduction of a separate tax-free allowance for second earners would improve incentives to work. Indexing the statutory retirement age would improve the sustainability of the pension system, the Survey says. In short: smart people are important now and will continue to be so in the future, regardless of whether they come from Germany or from far away. Compared with other European countries, that is a considerable proportion.
This is not so much the case in other countries and in some, the German word has even been taken up into the local language because there is no exact equivalent for it. They range from small, innovative software-smiths to globally operating mechanical engineering firms right through to venerable old artisan businesses, and beyond.
In purely statistical terms, any business with fewer than employees is a small and medium-sized enterprise, or SME. In that case, it means that the owner or owners take the business decisions largely on their own — and assume the risks and liability. Moreover, many SMEs take an active role in their regions by sponsoring education, culture and sport. The principal sales argument for their products and services is not usually one of price, but the quality and the large number of innovations that have found practical implementation.
A large number of these companies are the European or worldwide market leaders in their sector. Within the usually fairly small, internal structures of these companies, numerous employees working in various disciplines, such as development, production, sales and service, are involved in the innovation processes and so play their part in innovation too.
In fact, truly innovative products are often the work of so-called hidden champions. Since many are tucked away in the provinces, their contribution is sometimes overlooked. Quite a number of them employ a workforce of several thousand people.
As employers, they are prized, since they tend to take a long-term view and generally provide secure and well-paid jobs. Main focus of the economic policy. Diverse research opportunities. This website uses cookies that are strictly necessary for the technical operation of the website and are always set. Other cookies requiring consent, to personalize content and ads and to analyse access to our website, are set only with your consent. We also share information about your use of our website with our social media, advertising and analytics partners.
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