92
submitted 1 year ago by MicroWave@lemmy.world to c/world@lemmy.world

For most of this century, Germany racked up one economic success after another, dominating global markets for high-end products like luxury cars and industrial machinery, selling so much to the rest of the world that half the economy ran on exports.

Jobs were plentiful, the government’s financial coffers grew as other European countries drowned in debt, and books were written about what other countries could learn from Germany.

No longer. Now, Germany is the world’s worst-performing major developed economy, with both the International Monetary Fund and European Union expecting it to shrink this year.

you are viewing a single comment's thread
view the rest of the comments
[-] keesrif@lemmy.world 10 points 1 year ago

It might be overstating some things, but I've heard quite a few hardware startups fail the past years due to parts shortage, rising parts costs, energy costs, etc.

On the large industry scale the machine is ticking away just fine, but I've experienced first hand how those factors have decimated any reserves small players have over the past few years. And large companies don't innovate nearly as much as small ones can - competitive advantages for the future are definitely lost here. While that may not be a problem today, that does mean Germany will be behind on innovation in 5 - 10 years.

[-] elmicha@feddit.de 3 points 1 year ago

And other countries didn't have parts shortage etc?

[-] keesrif@lemmy.world 5 points 1 year ago

They did, but they didn't see as sharp of an energy price increase as far as I know. Our energy bill has increased so much that we had to not only deal with project (and thus payment) delays due to the shortages, but also with projects suddenly not bringing in money but costing us. This had a compounding effect on many small businesses.

this post was submitted on 20 Sep 2023
92 points (72.1% liked)

World News

39104 readers
1388 users here now

A community for discussing events around the World

Rules:

Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.

We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.

All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.


Lemmy World Partners

News !news@lemmy.world

Politics !politics@lemmy.world

World Politics !globalpolitics@lemmy.world


Recommendations

For Firefox users, there is media bias / propaganda / fact check plugin.

https://addons.mozilla.org/en-US/firefox/addon/media-bias-fact-check/

founded 1 year ago
MODERATORS