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Industry survey: Better business and more jobs expected

Monday, 12/27/2021 12:07 AM by

dpa-AFX

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Job information center of the Federal Employment Agency. © hohl / iStock Unreleased / Getty Images Plus / Getty Images

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COLOGNE / BERLIN (dpa-AFX) – In the German economy, despite delivery bottlenecks and uncertainties due to the corona pandemic at the turn of the year, according to a survey, confidence generally dominates. “A broad optimism can be seen for the year 2022”, according to a study by the employer-related Institute of the German Economy (IW). However, the Federation of German Industry and the German Chamber of Commerce and Industry (DIHK) also see clear risks. According to the DIHK, the crisis is having a huge impact on economic development. The consequences of the Omikron virus variant are also difficult to assess.

“The effects of Omikron are currently unmanageable, the information from the countries already affected is too contradictory,” said IW boss Michael Hüther. “But I assume that the economic trends of normalization and catching up will hold up with high order backlogs.”

The vast majority of the 48 trade associations surveyed by the IW between mid-November and the beginning of December are expecting better business than in 2021; a decline in production is not expected in any industry. “The German economy is coming back from a catching-up year,” explained Hüther. “Demand and the need to catch up are high, and at the same time there is high uncertainty in view of the development of the pandemic.” In his estimation, the German economy should reach the level before the Corona crisis in the coming year.

According to the survey, the chances of increasing employment are good in many industries. Accordingly, 21 associations expect a plus. These include the pharmaceutical industry as well as the metal and electrical industries. In the construction industry and in the trades, companies are desperately looking for staff anyway. A further 19 sectors are assuming the same number of employees, 8 branches of the economy from falling employment. In finance, for example, the changed customer behavior – more online banking and less use of branches – should eliminate jobs./mar/hoe/DP/he

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