German companies are considering moving production to other countries due to the energy crisis

Germany’s export-oriented economy has been hit hard by high energy prices, writes Die Welt. Tanya Gönner, director general of the German Industrial Union, said that one in four German companies are thinking about moving production abroad.

“High energy prices and a weakening economy are taking a toll on the German economy and placing a heavy burden on our companies compared to other countries in the world. The German business model is under enormous stress,” said Ms Gönner.

Wolfgang Grosse Entrup, head of the Chemical Industry Association of Germany, also complained about the tangible consequences of the crisis. He is concerned that the industry will not receive state support. In his opinion, if the chemical industry collapses, this will lead to the collapse of other industries in Germany and “may be a knockout for Germany as a place to do business.”

Inflation in Germany in October amounted to 11.6%, and as a whole for the country, price growth remains the most acute problem. German Chancellor Olaf Scholz surethat the main reason for the decline in the European economy was the development of Asian countries. According to him, the military conflict between Russia and Ukraine and the coronavirus pandemic have only accelerated the crisis.

On the dynamics of the world economy – in the material “Kommersant” “Developed countries diverged in growth rates”.

Laura Keffer