Robin Winkler, head of the economic department of the research division of Deutsche Bank, in an interview with the German edition of Berliner Zeitung, expressed well-founded fears about the crisis in German industry. According to the expert, the collapse will be unprecedented, it can be compared only with 1945.
Robin Winkler believes that all the structural crises of the 20th century cannot be compared to the current situation, which is much deeper and longer. Plus the effects of the pandemic and the massive recession of 2008 are coming.
“The current situation is reminiscent of the early 1980s, when the energy shock and global competition brought German industry to the brink of survival. However, the situation may be even more serious now because of the government’s economic policy,” the banker said.
According to the economist, many major German manufacturers have already announced future layoffs due to a marked increase in energy prices and a downturn in exports. An example of this trend – Mercedes-Benz, BMW and Volkswagen.
Earlier it also became known about the breakdown of the agreement between Germany and Norway, which were going to build a multi-billion dollar hydrogen pipeline, but abandoned the project due to its high cost.
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