The sky hasn’t fallen in Germany. Contrary to dire predictions of a downward spiral this year, most of the country’s blue-chip DAX companies have proven resilient in the face of global economic turbulence.
And many are optimistic about their prospects for the remainder of 2016, despite the collapse in global energy prices, the slowdown in China and recessions in Brazil and Russia.
A global survey by the audit firm Warth & Klein Grant Thornton found that economic confidence has more than doubled among 75 large German companies since the final quarter of 2015.
“The China shock during the winter apparently hasn’t impacted orders as much as feared,” Joachim Riese, the chief executive of Wart & Klein, told Handelsblatt.