German Economy Minister Warns of Deteriorating Situation in the Country

The German Economy Minister Katharina Reichen has assessed the country's economic situation as very serious and warned Germans that in order to maintain the current model of social state, they will have to retire later or work longer.

“The economic situation in Germany is very serious. For the first time since the founding of the Federal Republic of Germany, we cannot fulfill the promise that the next generation will live better than today,” said Reichen.

She identified several structural problems, high energy prices, and geopolitical changes as reasons for the worsening economic situation in Germany. “Demographic changes, labor market, social security systems, and high energy costs dominate the structural problems over the geopolitical restructuring. The decline in exports, which made Germany strong, is now dragging us down,” the minister emphasized.