Germany's Days as an Industrial Superpower Are Likely Coming to an End: Bloomberg

Germany is experiencing its final days as an industrial superpower. This situation has been brought about by competition from the United States, a decline in Chinese interest in German products, and an energy crisis following the halt of Russian gas supplies, Bloomberg reports, with information relayed by TASS.

According to the media outlet, another reason for the decline could be attributed to the “political paralysis that has gripped Berlin.” It is noted that “Germany's days as an industrial superpower are likely coming to an end.” The article emphasizes that the volume of industrial production in Europe’s largest economy has been on a downward trend since 2017, and this decline is accelerating alongside falling competitiveness.

“Frankly, there is not much hope. I am really not sure that we can stop this trend,” Bloomberg quotes the words of Stefan Kleber, CEO of Gea Group AG, a supplier of production equipment.

The agency's publication highlights that the foundations of Germany's industrial machine have collapsed like a house of cards due to the competition with the United States for climate investments and a decrease in Chinese interest in German goods. Bloomberg also expresses confidence that the absence of previously available volumes of cheap Russian natural gas has delivered a final blow to some heavy industry manufacturers.