The symptoms are milder than our diagnosis would suggest, says the economy minister
—with the courtesy of the British—appended a question mark, some Germans are in fullThis doesn’t match reality, and the wailing doesn’t solve anything. A closer look suggests the economy isn’t sick—just slightly off form. There’s no question that Germany is facing structural challenges: the return of geopolitics and geoeconomics, the transition to climate neutrality, demographic change, and a skills shortage.
But what my country did allow itself was a long phase of self-satisfaction, in which we assumed that globalisation would keep delivering to our benefit, and in which we relied on cheap Russian gas—a mistake for which we’ve been paying the price since President Vladimir Putin launched his war of aggression against Ukraine. For too long this lethargy and blindness meant that our politicians failed to enact the necessary changes.
Germany is in the process of recognising the geopolitical realities. Our government is building a new security policy—in particular economic security anchored in the European strategy. We are diversifying our trading and raw-materials relations, and have found our trade-policy voice in the EU and the world again.
People are taking note of all these efforts. That there is confidence in the German economy is demonstrated by the more than two dozen companies planning investments totalling more than €80bn—a figure that reflects just the sum of investments which individually exceed €100m.
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