MENU
EU Economics

Brexit and Donald Trump WILL hit Berlin’s economy, warns German business group

GERMANY’S capital Berlin is set to see a significant slowdown in economic growth, thanks to Britain’s exit from the European Union and the election of Donald Trump, according to a national business group.

The US’s president’s protectionist polices are set to create major problems for Berlin, because America is its most important export country.In the first three quarters of last year, companies based in the German capital sold goods worth €1.6billion (£1.4bn) to the US.

The Chamber of Industry and Commerce (DIHK) has now forecast lower economic growth in 2017, as Mr Trump’s policies are set to bite.

Berlin’s chief executive officer, Jan Eder highlighted the risk of Brexit, as well as issues surrounding Turkey and Russia as also having an impact on the economy.

Donald Trump germany GETTY

Berlin’s economy is set to suffer from Donald Trump’s policies


He said: “The sum of the problems is causing worries.”I expect economic growth of 2.5 percent this year.”

Last year, expansion was at three per cent.

But Mr Eder insisted the outlook of firms remained upbeat.

Mr Eder added: “We expect to be the growth world champion in human resources development.”

But Berlin still has one of the highest unemployment rates in Germany at a hefty 9.8 per cent.

Another concern for the city’s development is the lack of specialist staff, according to the DIHK.

http://www.express.co.uk/finance/city/764821/Donald-Trump-Germany-trade-Berlin-economy-business-group

Leave a Reply

Be the First to Comment!

Help put the World to rights and leave a Comment

MENU
Powered by: Wordpress
%d bloggers like this: