Vast Majority of German Experts Expect Growth of US Economy

A recent survey among German economic experts conducted by Germany's leading economic research institute Ifo and German FAZ newspaper has shown that the vast majority of the 130 respondents expect growth in the US economy in the near future.

According to the survey, 80% of respondents expect moderate growth in the US economy, while 75% expect an increase in the number of jobs.

The changes will take place if the newly elected US President Donald Trump implements the statements he made during his election campaign into practice.

According to the poll, every seventh expert believes that the country will face a strong economic recovery if Trump will direct more funds for infrastructure.

At the same time, economists have criticized Trump's plans in the field of taxes and trade. They opposed the idea of tax reduction proposed by Trump, further increase in US government debt and protectionist policies in foreign trade, which, in their opinion, could harm the US economy and, to an even greater extent, the German economy.

"If Trump introduces trade barriers that he announced, the damage would be great," says Clemens Fuest, President of the Ifo Institute.

According to him, 1.5 million jobs in Germany depend on US businesses. At the same time, 61% of respondents believe that with respect to Germany, Trump is unlikely to introduce any tough trade limits.

Nevertheless, the fact that Trump could impose import barriers on some countries of his choice would undermine "the foundations of the world trading system," Ifo trade expert Gabriel Felbermayr said in an interview with FAZ.