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Global Economy

"Difficult waters": It's not just the war that's putting the German economy in a bind

It is by no means only the effects of the war in Ukraine that are holding back the German economy. There were already enough unanswered questions, for example in relation to dealing with the requirements for climate and environmental protection. Federal Chancellor Olaf Scholz didn't even try to make the weather nice on Industry Day.

Scholz emphasized in his speech: "It is not only the consequences of the Russian war of aggression that are currently putting German industry in difficult waters. The international supply chains are often still disrupted by the pandemic. Rising prices for raw materials, goods and intermediate products are causing problems for most industrial companies in Germany The industry has been hit particularly hard by the sharp rise in energy prices."

Siegfried Russwurm, Chairman of the Federation of German Industries, complained that in addition to the pandemic and war, inflation and a gloomy economic outlook are poison for investment decisions. In any case, high energy prices, high taxes and hurdles in the German administration are already deterring lenders, and Russwurm demanded that investment should be boosted right now.

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