Germany’s economic challenges were laid bare today as BDI President Peter Leibinger warned of a “deep economic crisis” during the annual press conference.
The country’s economic output is expected to shrink slightly this year, with Leibinger emphasizing that the situation reflects more than just short-term shocks like the pandemic or the war in Ukraine.
Instead, he highlighted long-term “structural” weaknesses that have plagued Germany as a business hub, particularly over the past six years.
Leibinger pointed to the “structural break” in industrial growth, with empty order books, idle machinery, and a marked decline in domestic investments.
His remark, “I cannot remember such a bad mood in industrial companies,” underscores the deep malaise gripping the sector.
German industry is not only struggling to compete globally against powers like the US and China but is also falling behind within the European Union.
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