“Frankfurter Allgemeine Zeitung” (“FAZ”) recalls that at the beginning of the year the forecasts were optimistic and it seemed that the German economy would avoid a slowdown. “The fact that it did not is painful and is a wake-up call. Now no one can ignore the obvious truth: Germany has a real economic problem that cannot be circumvented,” we read. According to the newspaper, the recession will hit the construction sector the hardest, which after golden years has experienced a significant decline in the number of orders. The industry faces even more challenges. “Now he has to deal with the “green transformation”, which only in the dreams of Chancellor Olaf Scholz and Minister of Economy Robert Habeck triggers a new economic miracle. (…) But without a functioning national economy, it is impossible to win the fight against climate change, warns “FAZ” .
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He writes about the difficult economic and social situation in Germany “Mitteldeutsche Zeitung”. “Many Germans have become poorer in the last year and a half. Inflation has eaten away at their purchasing power, wages and pensions in most cases have risen less than prices. Even if inflation is now falling again in some areas, this does not change the overall picture.” observes the Halle diary. According to the newspaper, what makes this crisis dramatic and politically sensitive is that people on low incomes are particularly affected. “In recent months, the prices have mainly increased for those that are part of basic human needs: energy, cereals and dairy products, cooking oils. Those who have to spend a large part of their income to meet basic needs suffer more than others,” the newspaper concludes.
“Pforzheimer Zeitung” states that both Chancellor Olaf Scholz and Economy Minister Robert Habeck were wrong in their optimism. Contrary to their announcements, economic results are not improving, but they have been deteriorating for two quarters in a row. The new German economic miracle is over. The Federal Republic is no longer the economic engine of Europe. It is now in the tail,” we read. The newspaper notes that so far the location in Germany has been attractive enough for companies to outweigh the disadvantages, such as high taxes and other burdens. Now the situation has changed. “There is a shortage of qualified employees and young talents, energy is expensive, the pressure for transformation is enormous, bureaucracy is out of control and Germany is lagging behind in digitalisation. And even in terms of innovation. FDP leader Christian Lindner’s call for a turnaround in economic policy is justified, according to Pforzheimer Zeitung.-
“Berlin, we have a problem! It would be extremely helpful if the ministers would stop arguing for a while and instead look into the economic sections of the newspapers. Then they would realize that it is high time to govern.” “Muencher Merkur”. The newspaper calculates that consumers and companies were brought to their knees primarily by the Russian war, expensive energy and high inflation. According to the daily, what Germany needs now are endless debates about new burdens and more regulation for citizens and businesses. “With the chaos surrounding the ban on heating (gas and oil in new buildings – ed.), the government coalition is doing the opposite of what is economically necessary, creating uncertainty (…) among homeowners who do not know what awaits them. it should be clear to everyone: the climate battle can only be won if the economy does not collapse in the process,” argues the Munich newspaper.