German middle class threatened by poor economy
The Local · 4 May 2008, 13:06
Published: 04 May 2008 13:06 GMT+02:00
Weekly newspaper Welt am Sonntag reports that the study from the international business consulting company's German branch shows that continued weak economic growth rates would cause around 30 percent of the German middle class to fall down a peg.
“The level of economic growth that we have been able to achieve in the last 15 years has not been enough to reach down to the citizens,” Frank Mattern, Germany head of McKinsey told the paper. “For people in the middle class, such a slow growth means a loss.”
If the German economy manages to achieve more dynamic growth, up to three percent, the income of the average citizen would reach €36,000 a year by 2020, up by 40 percent on the average from 2006 of €25,000.
Global economic growth is expected to be around four percent, meaning a German rate of three percent would not be unrealistic, Mattern said.