Independent German journalist spoke about serious problems in German economy
Germany is unlikely to be able to achieve the former indicators of economic growth – as noted by political scientist and independent German journalist Gregor Spitzen, in his talk with the Soloviev Live TV channel
Earlier, Head of the Ifo Institute for Economic Research in Munich Clemens Fuest said that the German economy is facing sluggish growth and exceptionally difficult years. He also warned the Germans to be prepared to ‘tighten their belts’.
“The reaction of the German society [to this forecast] is a little less sharp than expected, since experts, media and politicians have been talking about this topic over the past year. It is unlikely that Germany will be able to achieve the former indicators of German economic growth, since the bulk of the ‘German economic miracle’ has been based on Russian resources since the 1970s,” said Gregor Spitzen.
According to the political scientist, a whole combination of factors helped build the ‘German economic miracle’.
“This includes the migration of huge masses of skilled workers who, after the war, were ready to work literally for food, as well as cheap American credit under the Marshall plan. A little later, cheap Russian resources were added. <...> The Americans are still putting pressure on the leaders of German industry. American companies are actively luring them abroad with tax incentives, so that the most highly skilled and highly technical innovative production facilities leave their companies and branches, even move their headquarters to North America,” said Gregor Spitzen.
