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The global economic crisis and its impact on the German economy: The case of Strabag AG

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  1. Abstract
  2. Introduction: Description of the economic crisis
  3. Macroeconomic effects of the crisis in Germany
    1. German GDP growth
    2. Germany GDP and private consumption growth
    3. Germany exports
    4. Germany unemployment rate
  4. Microeconomic effects of the crisis in Germany
    1. Strabag AG ratings
    2. Output volume of Strabag AG
    3. Selected PPP projects of Strabag AG in Germany
  5. German government policy towards the crisis: Analysis of the fiscal policy
    1. Fiscal packages magnitude and time distribution
  6. Conclusions
  7. References

The world economy is going through a very difficult period. The global economic crisis which began in the USA with the collapse of the sub-prime mortgage market, spread to the rest of the world. After the US, Europe was the first to experience the negative impact of the crisis. This paper examines the impact of the global economic crisis on the German economy. It analysis the macroeconomic effects of the crisis, and especially its impact on the gross domestic product (GDP), the exports, the private consumption and the employment. The course work also provides an assessment of the microeconomic effects of the crisis in the construction sector in Germany. It provides a special report about the current condition of Strabag AG ? one of the leading companies in the construction industry in the country. The paper also analyzes the common policy of the European Union and the particular measures taken by the German government in order to achieve economic growth in upcoming years.

Tags: Economic collapse in Germany, Economic crisis in Germany , Economic depression in Germany, German financial crisis

[...] On the whole, German economy fell into recession (Ifo economic forecast 2009: German economy in recession, 2008) Macroeconomic effects of the crisis in Germany. Some European countries like Ireland, Spain and the United Kingdom were the first to suffer the domino effect of the mortgage crisis which began in the USA. However, Germany was at first slightly affected due to its international trade connections. The growth in 2008 continued because of the orders companies had done in the previous year. [...]

[...] The usage of short-time work scheme cushioned the influence of the crisis on unemployment. More than 1,400,000 workers participated in the scheme. At this moment unemployment is about 500,000 people lower than it would have been without that scheme. However, in spite of the positive effect of the scheme, it is a possible obstacle to permanent recovery because it makes it harder for companies to expand and hire new workers. The hostility in the labor market will probably not only result in higher unemployment rates but it also can push the discouraged job-seekers into disability schemes (OECD Employment Outlook 2009). [...]

[...] In spite of the downturn in the construction industry all over the world, Strabag AG and its main competitors increased their profits in 2008 and 2009 due to their successful market strategies. The other key for their growth was the state anti-crisis policy which contributed both to the economy of Germany by improving the infrastructure of the country, and to the leading construction companies German government policy towards the crisis: Analysis of the fiscal policy Public authorities are expected to make fast decisions in order the recovery processes to be speeded-up. [...]

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