Summary
Amid the financial crisis that has plagued much of Europe since the global economic recession began in 2008, Germany has been the biggest success story. Its manufacturing sector continues to be strong, and its unemployment rate is the lowest in Europe.
What's the secret? Germans say it's innovation and demand for their products. German manufacturers continue to produce one-of-a-kind technologies, such as a massive drilling machine that adjusts to the substance it's drilling through, that aren't being produced anywhere else. And, instead of laying people off during the recession, many German companies just cut back everyone's hours until their business could recover. And, they continue to promote apprenticeship programs so young people can learn a trade and get a job.
But, Germany's success is turning out to be a double-edged sword - because of its status as the economic leader of the European Union, it is on the hook to bail out struggling countries like Greece so the entire EU economic system doesn't collapse.
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