The FINANCIAL -- GENEVA. Despite a dramatic decline in output as a result of the global financial and economic crisis, Germany’s labour market held up well compared with other countries.
Although the economy shrank by 4.7 per cent in 2009, more than in most other countries, employment fell by only 0.2 per cent, whereas the average for the industrialised countries was five times worse than in Germany. This was the conclusion reached by the first comprehensive assessment of Germany’s policy to tackle the crisis, issued by the International Labour Organization (ILO) on March 21.
Although the economy shrank by 4.7 per cent in 2009, more than in most other countries, employment fell by only 0.2 per cent, whereas the average for the industrialised countries was five times worse than in Germany. This was the conclusion reached by the first comprehensive assessment of Germany’s policy to tackle the crisis, issued by the International Labour Organization (ILO) on March 21.
