Despite slow US recovery, German firms sense upswing

Despite slow US recovery, German firms sense upswing

German businesses in the United States are optimistic about economic growth in the United States despite the sluggish recovery from the recession, according to a study released Tuesday, dpa reported.

Next year, 91 per cent of German companies expect positive growth for their operations and 69 per cent planned to expand their workforces, according to the German American Business Outlook 2010.

The study, which surveyed 1,900 German firms in the United States, was sponsored by the German American Chambers of Commerce, the Representative of German Industry and Trade and international strategy consultanting firm Roland Berger.

Despite the slower-than-expected recovery in 2010, German businesses did well in the US. Two-thirds reported revenue increases, in some cases strong increases, over 2009.

Most German firms - 63 per cent - saw the US economy on a good path, expecting positive growth in 2011; 68 per cent did not see the need for more government stimulus measures for the US economy.

"Free trade remains the driving force for growth and employment in both the German and the American market," said Benno Bunse, president of the New York office of the German American Chambers of Commerce.

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