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Economists have stated that the countrys export-dependent economy will see no sign of convalescence anytime soon.
The global recession has shown no mercy to Europes largest economic power Germany, whose exports have been hit hard by the downturn, causing it to sink deeper into turmoil.
Exports fell 4.4% to 66.6 billion euros in January. Likewise, German statistics have shown that foreign shipments for the same month were down an extraordinary 20.7% annually.Consequently, this news has only abated demand for international raw materials. A trade balance of 8.3 billion euros is its lowest for seven years.
ING Bank analyst Carsten Brzeski stated that the German export sector is suffering severely from the global recession and is pushing the entire economy into a recession. Should exports continue to drop so dramatically, it is speculated that growth will be heavily stunted.
Indeed, economists have stated that the countrys export-dependent economy will see no sign of convalescence anytime soon.