| Germany ranks among the
world's most important economic powers. From the 1948 currency reform until
the early 1970 it experienced an almost continous economic expansion. But
for last years, Germany was also suffering from the worldwide recession.
The German industry is heavily export orientated. The most important branches are the car industry, the chemical industry, the iron and steel product, and the machinery. 25 to 30% of the gross national product is shipped abroad annually. A major concern of the government
is the ability to adapt to new markets and to develop sophisticated technologies.
Germany's economy mainly operates on a free market basis. Competition of
free enterprises is fostered as a matter of government policy. However,
the federal state participates in entrepreneurship through the ownership
and the management of major economy segments such as public services like
railroad, airline and telecommunication.
|