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Eversheds comment: German exports are crumbling, not the wider economy

  • United Kingdom

    10-10-2014

    Commenting on fears of a slowdown in the German economy, Matthias Heisse, Managing Partner in Munich for law firm Eversheds, comments:

    "The German government has offered some gifts to the voters, such as the minimum wage in 2015 and higher retirement pensions for mothers. The government trusted in the robustness of the German economy, even though the global economy is unsteady. Exports have always been the backbone of the German economy but are of course dependant on buyers with money and foreign markets. Many eurozone countries are still in crisis and the economic sanctions against Russia did not support German exports. Nevertheless, future prospects still remain broadly encouraging. The labour market seems to be very stable and domestic demand for goods could well rise, due to the minimum wage. Ultimately, it is exports, not the German economy, that is crumbling.”

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