Tackling the challenges the country is facing has proven harder than expected, the German chancellor admits.
The German economy is experiencing a “structural crisis” rather than just temporary “weakness,” Chancellor Friedrich Merz has said, admitting that steering the country’s economy back on track has proven harder than he had anticipated.
Merz made the remarks on Saturday in a speech before members of his Christian Democratic Union party in the Lower Saxony city of Osnabrueck, the home state of major carmaker Volkswagen.
“I say this also self-critically – this task is bigger than one or the other may have imagined a year ago,” Merz stated.
“We’re not just in a period of economic weakness, we are in a structural crisis of our economy.”
Large parts of the country’s economy “are no longer truly competitive,” the chancellor acknowledged. Merz mentioned the plummeting earnings by Volkswagen, which experienced a massive 36% after-tax slump in the second quarter of the year, calling it just “one of many messages” about the state of the country’s economy.
“By this week at the latest, no one should be under any illusions about how deep and far-reaching the challenges that face us are,” Merz stated.
“The quality is still good and company leaders recognize these challenges. But the underlying conditions in Germany simply haven’t been good enough for the last decade,” he added.
Another German auto giant, BMW, has also reported a sharp decline in first-half profits, reporting a 29% drop from the same period last year.
The downturn of the country’s automotive sector has been fueling fears about the health of the EU’s economic powerhouse. The country already endured a recession last year and is now expected to show zero growth this year, according to IMF projections.
This is laughable. Remember the previous German Chancellor meekly standing next to brain dead Biden being told that the US would stop the flow of cheap Russian gas to Germany via the NordStream pipeline.
Does anyone have the heart to explain to Merz that his country has been played big time by the US. Forced to pay 3-4 times more for US gas thus destroying their economy. Fear mongered into increasing their defence spending to 5% of GDP and in the process lay out billions of dollars buying US made weaponry.
Victor Orban said it best. “Europe has shot itself in the lungs”.
But is mr Merz really working in the interests of Germany ? Or those of Blackrock and larry fink ?
The EU is also headed by a Kraut called von der leyen ; does not act in the interests of Europe ans nations, but defends those of the US vulture c.q. globalists. And is destroying all european nations .
Coïncidence ? I don t think so
The German economy is experiencing a “structural crisis”, too right.
The ‘structure’ is the one where international bankster usury and compound interest lead to the ‘crisis’ where jt’s gets harder to extort because thej own so much already.
NO SHIT YOU GO WOKE YOU GO BROKE ….LOOSERS..
No matter what thet do they just cant kill it.
laughable …loooosers.
once so strong
wonder what happened,
Hope you can laugh about yourself, ’cause I guarantee the place you speak from deserves the same wonder.
I think they may have followed U.N/WEF green agenda 2030.
As we are doing our PM avoids this subject because he pretends to be for NZ when really he is following the 2030 agenda, the rewards must be huge to sell out ones country and people.
Maybe Germany shouldn’t be pushing the Ukraine wheelbarrow if they can’t afford It. Germany should do a wee bit of housecleaning rather than criticizing their neighbour’s untidy back yard. I have heard the North African economic migrants love the German welfare system. I wonder if this has anything to do with “structural crisis”?
Olaf Shultz was complicit and implicated in blowing up the Nordstream pipeline
Germany’s umbilical at the behest of the US
Which allowed industrial expansion through cheap Russian gas
Now that umbilical having been cut
Mertz is left cradling a lifeless on life support ostensibly clinically dead corpse
With no way out