Düsseldorf Russia’s war against Ukraine has changed almost everything for German companies: Energy prices have hit record highs, inflation is at its highest level in five decades, and the global economy is reeling. This is bad for the many export-oriented companies in the country.
The mood is correspondingly somber. 39 of 49 associations surveyed by the German Economic Institute (IW) assess their current situation as worse than a year ago. This is record-breaking. 30 are also pessimistic about 2023 and assume that they will produce less in the future.
This applies to the entire industry, including the construction industry, which has been booming for a long time, and crafts. The mainstay of the domestic economy is threatening to collapse. “The recession will be weaker in 2023 than feared months ago, but it has not been canceled,” says IW boss Michael Hüther about the survey.
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