German economy shrinks again amid political crisis

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Bangkok Post 5h ago

German economy shrinks again amid political crisis - Bangkok Post

Quick Summary:

FRANKFURT - Germany's economy shrank for a second straight year in 2024, official figures showed Wednesday, with little hope of a speedy recovery as Europe's traditional powerhouse is also mired in political crisis.

Brand noted that the country’s exports fell in 2024, even as global trade increased overall, adding that “the international competitiveness of the manufacturing industry faced further pressure”.

Klaus Borger, an economist from public lender KfW, said bold actions were urgently needed.“Besides containing the numerous global crises and uncertainties, what is needed above all are convincing answers from policymakers and companies to the huge transformative challenges, especially in industry,” he said.