The German economy is still failing to grow.
The second-quarter economic performance was “far from satisfactory,” said Vice Chancellor and Economy Minister Robert Habeck.for industry with government help, which has run into skepticism in parts of the governing coalition, and more investment in future-oriented technology such as renewable energy.
Longer-term factors such as an aging population, lagging use of digital technology in business and government, excessive red tape that holds back business launches and public construction projects, and a shortage of skilled labor also have weighed on the economy.because jobs are abundant, with companies competing for workers and complaining of skills shortages. The unemployment rate was only 2.9% in May, well below the eurozone's 6.5% — one of the lowest rates on record.
Germany's woes are calling forth comparisons with the late 1990s, when high labor costs held back the country's competitiveness. A series of labor market reforms under former Chancellor Gerhard Schroeder in 2003-2004 helped restore economic growth and Germany's position as an export powerhouse selling industrial machinery and vehicles to the rest of the world.
France Dernières Nouvelles, France Actualités
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