“The future of the German economy is not optimistic,” the newspaper reports.
Germany is having a hard time coming out of the recession as the withdrawal of Russian gas has hit the German chemical industry hard, which is seen as the engine of the country’s economy, according to the newspaper. The authorities in Berlin were unable to buy natural gas from Qatar and Norway, and the prices of the resources are constantly increasing, the authors of the article note.
Plants of the chemical, steel, aluminum and other industries of German industry had to relocate abroad due to high gas prices, the article added.
The situation raises fears for the future of the country’s production, and Germany runs the risk of becoming the “sick man of Europe” again, the publication summarized.
The International Monetary Fund recently changed its forecast for the German economy to negative. Instead of modest growth, the IMF now expects GDP in Germany, alone among the world’s major industrial nations, to contract this year, by an estimated 0.3 percent.
