The German economy is faltering in the race against international competition, warned industrial and craft associations, emphasizing that the position in the group of leading industrial nations is at stake.
– The path Germany is taking leads to losses in the economic field, especially on an international level, said Siegfried Russwurm, president of the Federation of German Industries (BDI), to dpa.
Numerous adjustments are necessary if we want to maintain our position in the group of leading industrial nations, highlighted Rainer Dulger, president of the Confederation of German Employers’ Associations, for the German agency.
Significant steps must be urgently taken to avoid a deep crisis, emphasizes Joerg Dittrich, president of the German Confederation of Crafts.
The German economy stagnated in the second quarter, according to last week’s preliminary data from the statistical office, thanks to the stabilization of household consumption, which means that the expected spring surge did not materialize.
Economists, however, warn of gloomier prospects for the coming months.
– The mood in business circles is increasingly bleak, and the investment climate is not good either. Above all, we are currently not attractive for foreign investments, partly due to high taxes, claims Dulger.
We must invest to make Germany more attractive to foreign investors, he believes. ‘Germany must be faster and accelerate digitalization,’ he states.
