“German industry’s competitiveness is at a new low,” said Klaus Wohlrabe, head of surveys at ifo. “This shows how strong the impact of the structural problems has now become.”
The decline spans all sectors, with energy-intensive industries hit hardest. In the chemical industry, more than every second company reported a drop in competitiveness. Similarly, 47 per cent of manufacturers of electronic and optical products and around 40 per cent in mechanical engineering noted declines.
“The structural problems are known—the challenge now is to tackle them decisively,” added Wohlrabe. “Without fundamental reforms, Germany risks falling further behind in international comparison.”
ALCHEMPro News Desk (SG)
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