Some German manufacturers talking about gloomy 2023
2022.12.27 04:04
Some German manufacturers talking about gloomy 2023
Budrigannews.com – According to a survey that was released on Tuesday, nearly three out of five German industry associations are pessimistic about the upcoming year and anticipate that their businesses will produce less due to the persistently high energy costs brought on by the war in Ukraine.
The IW economic institute surveyed 49 associations and found that 30 expected their members to produce less and 13 expected their sectors to produce more.
Nearly 40 organizations said that their businesses are in worse shape now than they were a year ago, when many people thought the coronavirus pandemic had mostly passed.
The survey, which was carried out from the middle of November to the beginning of December, found that despite the fact that inflation has reached all-time highs, the general state of the German economy has not improved.
“In the not-too-distant future, businesses do not anticipate the high energy prices returning to levels prior to the crisis. That significantly dims the outlook for the upcoming year,” stated Michael Groemling, an IW economic expert.
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He admonished businesses that rely heavily on energy, whose success is contingent on access to affordable energy.
