BERLIN: On his many visits to semiconductor factories and electric car plants, Germany's Chancellor Olaf Scholz bangs the drum for an economy at the forefront of an industrial transformation.
The government is the only one left still predicting GDP will grow this year, while the main economic institutes and the IMF are looking at a drop of 0.2 to 0.4 per cent. In the newspapers, the spectre of Germany as the"sick man of Europe" is back, harking back to the period before 2000 when the country struggled to compete in international markets and faced high levels of unemployment.In an interview with German media in March, he said the push to achieve climate neutrality by 2045 would bring back"levels of growth like in the 1950s and 1960s", the age of West Germany's postwar"economic miracle".
The switchover will first of all see billions of euros sunk into"replacing the existing stock" of fossil-fuel technologies with renewable ones"with significantly elevated costs", Russwurm said."We will only reap the reward of this investment in the distant future, when we have effectively managed to reduce greenhouse gas emissions," Timo Wollmershaeuser of the economic think-tank the Ifo institute told German media this week.
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