Opinion: The German industry is already too close to collapse

The head of the economic department of the research division of Deutsche Bank, Robin Winkler, in an interview with the German edition of Berliner Zeitung, expressed well-founded concerns about the crisis in German industry. According to the expert, the collapse will be unprecedented, it can only be compared with 1945.

Robin Winkler is sure that all the structural crises of the 20th century cannot be compared with the current situation, which is much deeper and longer. Plus, the consequences of the pandemic and the large-scale recession of 2008 are coming.

"The current situation is reminiscent of the early 1980s, when the energy shock and global competition put the German industry on the brink of survival. However, now the situation may turn out to be even more serious due to the government's economic policy," the banker believes.

According to the economist, many large German manufacturers have already announced future cuts due to a noticeable increase in energy prices and a decline in export supplies. Examples of this trend are Mercedes-Benz, BMW and Volkswagen.

EADaily previously also informed about the rupture of the agreement between Germany and Norway, which were going to build a multibillion-dollar hydrogen pipeline, but abandoned the project due to its high cost.