Speaking at the East German Economic Forum, Federal Chancellor Olaf Scholz stated that the economy of Eastern Germany was picking up steam.
The German leader confirmed that the top European economy, frequently referred to as the powerhouse, maintains the momentum that could propel the economic growth of the whole Eurozone. Nowadays, the economy of Eastern Germany is on the rise, though the high-tech sector has not been fully ingrained here. Once high technology is firmly adopted, the economy is set to thrive.
The East German Economic Forum was held on June 11-13 in the municipality Bad Saarow 50 km away from Berlin. Entrepreneurs, politicians, economists, and scientists flocked to the high-profile event to discuss economic issues with a view to creating conditions for industrial companies. Other questions on the agenda were the shortage of qualified workers, global competition, and energy supply.
Earlier, Eurostat reported that the eurozone’s economy slipped into a recession in Q1 2023. Gross domestic product logged a 0.1% downtick, having extended a decline from Q4 2022. According to Eurostat estimates, Germany's GDP contracted by 0.3% in the first three months of 2023.
