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Germany, Once a Powerhouse, Is at an Economic ‘Standstill’ (www.nytimes.com)

submitted 9 months ago by MicroWave@lemmy.world to c/world@lemmy.world

12 comments fedilink hide all child comments

The economy shrank last year and is not predicted to grow much in 2024. Farmers are angry, industrial output is falling and the government is bickering.

Germany started the year with Berlin’s streets choked with tractors and farmers blaring horns in furious protest of proposed budget cuts. Then train engineers walked off the job to demand better pay, stranding commuters and carloads of freight and leaving the country angry and gridlocked.

The same could be said for the state of the German economy. Last year it contracted 0.3 percent, official figures showed this week, making it not only the largest economy but also the slowest growing among the 20 countries using the euro. Industrial production has fallen five months in a row.

“The economy is at a standstill in Germany,” said Siegfried Russwurm, the president of the Federation of German Industries. “We don’t see any chance of a rapid recovery in 2024.”

Since it was rebuilt after World War II, Germany has been Europe’s main driver of economic growth, becoming an industrial powerhouse known for vast factories and fine-tuned engineering.

But now its automakers must compete with relatively cheap electric cars from China, and it vies with the United States to attract tech giants. There is a growing realization that Germany has not been successful updating its industry with sufficient flexibility and digital know-how to remain competitive.

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[–] hannes3120@feddit.de 3 points 9 months ago

Also Merkel basically did everything to not change the status quo and her government even actively sabotaged renewable energies and made it almost impossible to invest money into future technology.

They were even PROUD to not make any debt when Germany was one of the few countries that would get paid by the banks for making debts.

Now the retirement fund is starting to eat up the available money more each year since the main voting group of the CDU are retired people and they didn't want to change anything about how that system works even though it's in dire need of reforms especially with the boomers now getting into retirement.