In Germany, they told about the triple blow to the country's economy

WSJ: German economy weakens due to triple whammy

After stagnation since the end of 2022, the volume of production in Germany is declining due to high energy prices, trade restrictions and competition with China in key sectors, said Sander Tordua, senior head of the Center for European Reforms in Berlin, Wall Street Journal reports.

"There is a triple blow: high energy prices, obstacles to world trade and competition with China," the expert said. He noted that Germany was inferior to China even in the automotive sector.

The country's economy was negatively affected by the beginning of the military operation in Ukraine, as well as the growth of inflation. Experts also note a reduction in the service sector.

According to the publication, the German economy can avoid a contraction in the current quarter only if there is a recovery in August and September, but surveys of enterprises show that manufacturing activity has actually weakened.

At the end of July, Bloomberg compared the German economy to the "sick man of Europe" due to protracted economic difficulties. Then economists also predicted a resumption of the recession in the second half of 2023.

Prior to that, the agency noted that Germany had been the economic engine of Europe for decades, thanks to which it emerged "from one crisis after another." However, now the stability of the German economy has been shaken, which threatens the entire region. Experts predict that Germany will lag behind other European countries "for many years," and the IMF believes that this year its GDP growth will be the slowest among the G7 countries.