The anti-Russian sanctions could deliver a severe blow to the German economy, Marc Friedrich, a Deutsche Wirtschaft Nachrichten (DWN) journalist, asserted. From his point of view, Germany’s energy policy and actions against Russia could lead to its collapse.
Marc Friedrich refers to data on Germany’s foreign trade balance since the start of the year. It turns out that the country’s trade surplus decreased to half a billion euros in May 2022. Meanwhile, the gap between exports and imports widened considerably in the first five months of the year. Figures plunged by 70.7% from the previous year.
According to Mr. Friedrich, Germany’s economy is losing its competitive ability at the cost of its jobs and social security. The DWN columnist says Berlin is now facing challenges because of its political arrogance and may lose the status of Europe’s locomotive.
Germany’s opportunities are shrinking, Friedrich underlined. The county is on the verge of a collapse. It has entered a vicious cycle of turmoil and there is no way out.
It was earlier reported that the European Union might be heading towards a recession and record inflation due to the Russia-Ukraine crisis. The state of Europe’s largest economy is also far from good. The optimistic scenario of a speedy economic recovery after the COVID-19 pandemic and the current crisis has turned sour.
