Bloomberg: Germany losing its status as industrial superpower
According to Bloomberg, there is increasing number of signs that Germany will soon lose its status as an industrial superpower, RIA Novosti reports
The publication indicates that the United States is moving away from Europe and is trying to compete with its transatlantic allies. Moreover, China is becoming a more serious rival, with massive abandonment of cheap Russian gas becoming the final blow for some producing countries.
Moreover, the article notes that external factors, as well as internal turmoil in Germany – such as lack of investment across all sectors and an aging workforce – have aggravated the situation in the country. The article also mentions that the oldest factories and enterprises in Germany are closing.
German Finance Minister Christian Lindner says Germany is no longer competitive. According to Michelin Head for Northern Europe, the decline in the competitiveness of the German industrial sector could bring the country to ruin.
Earlier, German Economy Minister and Vice Chancellor Robert Habeck said that Germany’s funds are drying up due to the huge amount of money spent on support to Ukraine. The official also admitted that the German economy is losing competitiveness due to the refusal of Russian gas.
