Europe's traditional locomotive has broken down. In recession or stagnation since last winter, Germany's GDP is expected to shrink by 0.4% this year. This will be the worst performance expected by the G7 countries. And, according to the IMF, its growth should be lower than that of the United States, the United Kingdom, the France or Spain in the next five years. Most indicators are at half-mast: industrial production, consumption, investment, exports, business morale.
There are cyclical slowdowns (declining world trade, sluggish international economy, inflation, high interest rates) and more structural weaknesses: energy policy mistakes, an overly China-oriented industrial model, dependence on the automotive sector, labour shortages and chronic underinvestment in infrastructure.
When Russian gas disappears
The energy transition is a Herculean challenge for all countries that wish to achieve the...
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