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Wirtschaftswunder 2.0: German Economic Boom Creates Job Machine - International - SPIEGEL ONLINE - News

Experts in the government and academia are astonished over the strength of Germany's economic recovery. Unemployment is declining more rapidly and the government coffers are filling more quickly than during any other economic recovery in postwar German history. What's causing the powerful economic upswing?

 Construction of a new shopping center in Hanover: A boom unlike any seen in Germany in years The town of Friedrichsdorf in the Taunus Mountains north of Frankfurt is experiencing a boom of China-like proportions -- at least on a 50,000-square-foot industrial site on Max Planck Strasse. Here, pharmaceutical company Axicorp is producing low-cost drugs and registering impressive growth rates.

Holger Gehlhar, Axicorp's founder and owner, expects sales to jump from last year's figure of €50 million ($68 million) to €80 million this year, and he also plans to boost the workforce by 50 percent -- translating into 70 new jobs. "This year was the best in the five years since we have been in business," says Gehlhar.

Friedrichsdorf isn't the only place where the local economy is booming. In the southern Bavarian town of Kempten, Dachser, a logistics firm, plans to hire 1,000 new employees, including 400 in Germany alone. According to Bernhard Simon, the company's CEO, Dachser increased its staff by the same levels last year. By the end of this year, the family owned company will employ 8,600 in its domestic operations, and increase of more than 10 percent over 2005. "Our business is doing so well because our customers' businesses are doing well," says Simon.

by Fran on Wed Apr 25th, 2007 at 12:19:49 AM EST
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