Experts predict 215,000 lost jobs next year

Experts predict 215,000 lost jobs next year
Take a number at the unemployment office, dears. Photo: DPA
The global financial crisis could mean up to 215,000 lost jobs in the next year for Germany according to an industry study released by daily Bild on Friday.

The paper polled unions, associations and economy experts from 15 industry branches for the job loss estimate.

Experts in the auto industry predicted a loss of between 50,000 and 100,000 jobs as the crisis hits home. Meanwhile workers in the transport industry could see the loss of some 40,000 jobs, the paper reported.

Construction, tourism, banking, electronics, chemical, tourism, telecommunication, aviation and the public sector can also expect to see colleagues sacked in 2009, experts told the paper.

Among the industries that predicted job stability in the deteriorating world economy were machinery and industrial equipment manufacturers. Representative organization VDMA predicted posts would remain at some 975,000.

Health industry experts also predicted a stable job market.

The Federal Statistics Office (Destatis) announced last week that Europe’s largest economy had officially fallen into a recession as the country suffered slowing economic activity, a slump in domestic consumption and declining exports in the wake of the global financial crisis.

Corporate investment has suffered as well from a sharp decline in the business outlook.

In October, German business confidence hit its lowest point in more than five years, a widely watched survey by the Ifo research institute showed. Industrial orders, a key leading indicator, plunged in September by eight percent, the steepest drop since Germany was reunited in 1990.

Berlin has slashed its forecast for 2009 growth to just 0.2 percent and last week a panel of experts advising the government said it expects growth to come to a standstill next year.

Jobs in Germany