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Germany experienced a 0.3% decrease in GDP in 2023. The Financial Times reports that there will be a decrease for two years in a row for the first time since the early 2000s.
German Economy Minister Robert Habeck stated on October 9 that the current situation is unacceptable as the German economy has not experienced significant growth since 2018.
He mentioned the pressing requirement to tackle "structural issues" in the economy, including high energy expenses, a lack of trained workers, and too much red tape. Habeck stated that global challenges worsen the structural issues.
Germany's economy is struggling due to elevated interest rates, inflation, and a challenging geopolitical situation. These obstacles are restricting the demand from consumers and the level of investment. Some companies are considering relocating their production to other countries due to high labor and energy costs, along with heavy debt burden and political instability.
source: ft.com
German Economy Minister Robert Habeck stated on October 9 that the current situation is unacceptable as the German economy has not experienced significant growth since 2018.
He mentioned the pressing requirement to tackle "structural issues" in the economy, including high energy expenses, a lack of trained workers, and too much red tape. Habeck stated that global challenges worsen the structural issues.
Germany's economy is struggling due to elevated interest rates, inflation, and a challenging geopolitical situation. These obstacles are restricting the demand from consumers and the level of investment. Some companies are considering relocating their production to other countries due to high labor and energy costs, along with heavy debt burden and political instability.
source: ft.com