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German firms eye brighter future

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German firms eye brighter future
Photo: DPA
14:18 CEST+02:00
The majority of German businesses believe the financial crisis is over and the state of Europe's top economy will improve in the next 12 months, according to a new study to be published on Monday.

Two out of three firms in Germany see the economy brightening in 2010 with nearly eight out of 10 seeing an improvement by 2011, according to the Ernst and Young survey to appear in Monday's edition of daily Die Welt.

Moreover, 54 percent of the businesses polled said that Germany was likely to emerge stronger after the crisis than it was before.

The poll appears to reflect a growing optimism in Germany's business community that the country's worst economic downturn since 1945 will be relatively short-lived.

On Friday, a closely-watched survey by the Ifo institute, measuring the mood among German firms, rose for the fourth month running in July.

Nevertheless, the government sees Germany - one of the world's top exporters - shrinking by a record six percent this year.

The Ernst and Young report surveyed mainly small and medium-sized firms in Germany - widely seen as the backbone of the economy.

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