Berlin, March 26, 2020 – US companies in Germany and German companies in the US are preparing themselves for massive losses in revenue due to the spread of the coronavirus. This is the result of a survey among the 2,300 member companies of AmCham Germany, which took place in the context of today's publication of the Transatlantic Business Barometer.
"Our member companies currently have to overcome enormous challenges," says Frank Sportolari, President of AmCham Germany. "We welcome the German economic stimulus package, which the federal government has swiftly put into place in cooperation with all relevant bodies. At the same time, however, we also call for loan and grant applications to be processed quickly. Only in this way can we help small and medium- sized enterprises quickly and without bureaucracy," says Sportolari. "We also call on the US administration to help the US economy through the crisis and to work with Europe in finding common solutions for transatlantic trade. Our globalized world demands solidarity and cooperation."
Solid business year 2019, but big concerns for 2020
At the beginning of the year, AmCham Germany, in cooperation with Roland Berger, asked its members about investment conditions in Germany and the US. The past year was already marked by challenges in transatlantic trade. Nevertheless, companies look back on a solid business year 2019. Most of the surveyed US companies in Germany and German companies in the USA were able to maintain or increase their revenue and employment figures as well as their investments.
AmCham Germany’s member companies were also asked about their outlook on the business year 2020. However, this survey took place before the outbreak of the coronavirus in Europe and the US. While the majority of companies expected revenue to increase in 2020 before the crisis began, the picture today is significantly different. The results of AmCham Germany’s more recent survey on the effects of the virus show the following:
Ninety percent of the companies surveyed expect a decrease in sales. More than half of German and US companies have adapted their internal work and production processes. Supply chains have been interrupted and certain products are being delivered later.
Thirty-three US companies with locations and revenue of more than €30 billion in Germany and 30 German companies with locations and revenue of around €40 billion in the US participated in the Transatlantic Business Barometer 2020. The results will be officially presented by AmCham Germany’s President Frank Sportolari during a conference call today.
The press release can be found here in German.
The results of the survey on the impact of the coronavirus can be found here.
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