WORLD
A+
A-
Bloomberg: Germany’s days as an industrial superpower are coming to an end
10 February 2024 15:00
As political paralysis grips Berlin, the energy crisis was the final blow for a growing number of manufacturers, the article published by Bloomberg says.
Germany will lose its status as an industrial superpower in the coming days.
Competition from the US, the energy crisis and China's declining interest in German goods have led to this, the analysts believe.
Manufacturing output in Europe’s biggest economy has been trending downward since 2017, and the decline is accelerating as competitiveness erodes.
“There’s not a lot of hope, if I’m honest,” said Stefan Klebert, chief executive officer of GEA Group AG — a supplier of manufacturing machinery that traces its roots to the late 1800s. “I am really uncertain that we can halt this trend. Many things would have to change very quickly.”
The underpinnings of Germany’s industrial machine have fallen like dominoes. The US is drifting away from Europe and is seeking to compete with its transatlantic allies for climate investment. China is becoming a bigger rival and is no longer an insatiable buyer of German goods. The final blow for some heavy manufacturers was the end of huge volumes of cheap Russian natural gas.
Caliber.Az
Views: 1886
editor@caliber.az
+994 55 444-88-98
Азербайджан, Баку, ул. Низами, 203, Af Business House, 5-й этаж