The World Economic Forum promoted Germany up two notches in its table of competitive economies today, citing infrastructure and innovation as the main reasons, Germany Trade & Invest announced today.
The World Economic Forum, a Swiss non-profit organization, that brings together policy-makers and business leaders, also praised German research and development.
Germany rated third for infrastructure, but first among all territorial states. For infrastructure overall, only Hong Kong and Singapore rated better.
For seven out of nine criteria, Germany was in the top 11 countries for the overall infrastructure ranking.
This is good news for Angela Merkel, as the country nears its general election.
Seasonally-adjusted economic growth for the second-quarter in Germany was 0.7%, the best performance in over a year. The World Economic Forum wrote that this “saw their position as pillar of Europe’s economic recovery reinforced”.
Several global markets, especially energy and automobility, have hit critical points regarding finding innovative technology required to move forward. Germany’s blend of infrastructure and innovation is ideally suited in today’s economic climate.
Foreign direct investment (FDI) into Germany continues to increase at a healthy rate. According to Germany Trade & Invest, over the last decade FDI stocks nearly doubled to reach more than €550 billion ($725 billion) in 2012. Approximately 55,000 companies foreign companies operate in Germany, employing nearly 3 million people.
Dr. Benno Bunse, CEO of federal investment promotion agency Germany Trade & Invest, said:
“The improvement in Germany’s position in the rankings of the WEF is testament to how Germany has managed the global economic downturn over the past few years.
As Europe emerges from what has been a deeply trying period, Germany’s commitment to staying at the innovative edge of industry should ensure it remains as attractive as the WEF now rates it for years to come.”
Electronics industry hits investment high in Germany
Germany Trade & Invest reported in August that investment in the country’s electronic industry hit a new high in 2011, reaching €57.2 billion ($75.35 billion). This is three times the level in 2002.
The German electronics industry exported goods to the value of €160.1 billion ($210.9 billion) in 2012.
Video – Electromobility
This video, by Germany Trade and Invest, is about “electromobility”, a world where everything is powered by electricity, including transportation.