As Europe has languished amid a protracted financial crisis that has slashed millions of jobs across the Continent,
Germany has managed to buck the trend and profited handsomely from globalization, a new study has revealed.
Since 2007, Germany has added nearly 2.3 million jobs to its workforce, a total of 6 percent, according to a study by the consultancy firm Ernst & Young. This came at a time when other countries using the euro cut 3.8 million jobs. The only other country able to create new jobs during the crisis was Malta.
"The fact that Germany was able to maintain a reasonably stable employment rate proved in subsequent years - and to this day - to be a godsend," said Georg Graf Waldersee, head of E&Y's German division.
Europe's largest economy was also able to distinguish itself on a global scale, increasing its gross value added by 37 percent from 1995 to 2012. By the end of 2013, that figure had risen to 45 percent.
Germany may have seen its percentage of global gross value added drop from 9.2 to 6.3 percent, but its positive performance in absolute figures earned it laudations as a "winner of globalization" by the head of the Federation of German Industries, Ulrich Grillo.
Read more: As eurozone falters, Germany′s economy grows | Business | DW.DE | 06.01.2015
Since 2007, Germany has added nearly 2.3 million jobs to its workforce, a total of 6 percent, according to a study by the consultancy firm Ernst & Young. This came at a time when other countries using the euro cut 3.8 million jobs. The only other country able to create new jobs during the crisis was Malta.
"The fact that Germany was able to maintain a reasonably stable employment rate proved in subsequent years - and to this day - to be a godsend," said Georg Graf Waldersee, head of E&Y's German division.
Europe's largest economy was also able to distinguish itself on a global scale, increasing its gross value added by 37 percent from 1995 to 2012. By the end of 2013, that figure had risen to 45 percent.
Germany may have seen its percentage of global gross value added drop from 9.2 to 6.3 percent, but its positive performance in absolute figures earned it laudations as a "winner of globalization" by the head of the Federation of German Industries, Ulrich Grillo.
Read more: As eurozone falters, Germany′s economy grows | Business | DW.DE | 06.01.2015
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