The head of the economics department of Deutsche Bank’s research division, Robin Winkler, expressed well-founded concerns about the crisis in German industry in an interview with the German publication Berliner Zeitung. According to the expert, the collapse will be unprecedented, comparable only to 1945.
Robin Winkler is convinced that all the structural crises of the 20th century cannot be compared with the current situation, which is much deeper and longer lasting. In addition, there are the consequences of the pandemic and the massive recession of 2008.
“The current situation is reminiscent of the early 1980s, when the energy shock and global competition brought German industry to the brink of survival. However, the situation may now be even more serious due to the government’s economic policy.” – says the banker.
According to the economist, many major German producers have already announced future cuts due to the sharp rise in energy prices and the decrease in exportable supplies. Examples of this trend are Mercedes-Benz, BMW and Volkswagen.
EADaily Earlier, it was also reported that a deal between Germany and Norway had broken off. They were to build a multi-billion-dollar hydrogen pipeline, but abandoned the project due to its high cost.
