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Germany initiated significant measures to revive its dwindling economy after the World War II ended and has accomplished major economic reconstruction since then. The amazing economic growth has propelled Germany into the third position among the leading economies of the world just behind United States and Japan. The measured selection of economic and monetary policies by the government of Germany brought about the important turnaround in its economy. Applying the Marshall Plan aid judiciously, establishing cordial relationships with its social associates and implementing policies for reconstruction helped immensely in rebuilding the economy after the setback it experienced during the World War II. The government allowed the market forces to determine the course of the economy, while it aimed at bettering the standards of poor, and correcting the short comings of the market. It had a vibrant economy that experienced major slowdown and negative growth when two parts of Germany, East and West, were united to form a single country in 1990. The meltdown of the economy mainly happened because of huge differences in the economic systems of the East and West Germany. The merger of its two parts into one along with growing number of elder people among its population and increasing rate of unemployment added to its further decline. Both hiring labor and getting work has become more difficult because of its slow economic expansion and uncertain incentives. However, the business restructuring and rising capital markets have provided the needed boost to its economy that will surely assist it to achieve its intended objectives and allow it to face European as well as international economic challenges. Reforming the public sector and the financial consolidation and inter-linking them, and to extend the economic power to generate more employment and to increase the productivity are some of the key areas that Germany needs to work upon. Inventive economic measures to create new businesses and competition in the market are also very much needed. Germany needs to reduce the administrative costs and eliminate the entry barriers in order to improve the competitiveness of its product markets. Germany is still one of the largest exporters of the goods in the world, in spite of experiencing the reduction in exports in the early months of 2009. Its exports to United States went down by $4.1 billion or 27.4% in comparison to what it exported in 2008 over the same period. This is mainly because of the overall slowdown of the global economy. The contribution of export import to its Gross Domestic Product (GDP) is huge. The figures for its GDP in 2008 stands at $2.8 trillion and 95% of it come from export import business. Germany's imports stand at $1.2 trillion and its exports at $1.5 trillion. In contrast, the contribution of international trade for USA in its GDP is only about 23%. The major countries that export goods from Germany are Austria, Belgium, Britain, Italy, Netherlands, Spain and USA. European Union, China and USA are the main places from where Germany imports most of the goods.
Learn more about Export Import Germany or Germany Export Import.
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