Germany is losing its status as an industrial superpower amid the crisis
Economy
As Bloomberg reports, Germany is facing a political and energy crisis that threatens its position as an industrial superpower. This crisis is caused by competition from the U.S. and China, as well as the cessation of Russian gas supplies.
Industrial production in Europe's largest economy has started to decline since 2017, and this trend is intensifying due to deteriorating competitiveness. The US is actively competing with European partners for climate investments, China is becoming an increasingly significant competitor, and the cessation of cheap Russian gas supplies is having a negative impact on some manufacturers in heavy industry.
According to a recent survey by industry association VCI, nearly one in ten companies plan to permanently shut down operations.
According to a recent survey by industry association VCI, nearly one in ten companies plan to permanently shut down operations.
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