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- Relatively stable and flexible labour markets from post-unification reforms. Stronger bond exists between workers and employers.
- Germany benefited from the Euro….cheaper currency vis-a-vis weaker export neighbours meant boost for German exports making them cheaper to overseas consumers and markets.
- German workers work fewer than than most in the OECD. Annually, Germans work 1,413 hrs compared to Mexico 2,250hrs, Chile 2,057 hrs and Greece 2,032 hrs.
- Culturally, Germans are uncomfortable with the concept of borrowing money and prefer to live within their own means.
- Germany’s industrial strength is the country’s education system. Focused on giving people requisite job skills. 50% of all youngsters in upper secondary school are in vocational training, and half of these are in apprenticeships. This provides fundamental support to the country’s established and powerful manufacturing base.
- The backbone of the German economy is stable, small-scale family businesses.
Full story: http://www.bbc.co.uk/news/business-18868704