The German Ministry of Economy announced that it will spend 16 billion Euros to build 4 gas-fired power plants to ensure sufficient electricity supply after eliminating nuclear reactors. This is part of a major reform plan for the country's energy network.
Germany phased out nuclear power almost a year ago. And despite spending billions of Euros storing this radioactive waste, some policies still call for the construction of new nuclear plants.
Germany - Europe's most stable economic pillar - is facing many challenges, making the world even more concerned about a comprehensive economic crisis. But, Berlin is doing everything to prevent that.
The preliminary statistical report of the German Federal Statistics Agency (Destatis) said that in 2023, the economy will fall into a slight recession.
Entering 2024, Europe's largest German economy is expected to continue to be affected by the recent economic crisis. The country's economy is forecast to shrink by 0,6%, with great pressure on stagnation, as manufacturing activity declines. Some of the world's major economic organizations make gloomy forecasts for the German economy in 2024.
A new report by the Center for Economic and Business Research (CEBR) says that Germany could lose its position as the world's fourth largest economy in nominal USD terms to India by 4.
A new report by the Center for Economic and Business Research (CEBR) says that Germany could lose its position as the world's fourth largest economy in nominal USD terms to India by 4.
With Russia's cheap gas advantage gone, many in Germany are realizing that keeping all industry at home is a difficult task, and may not even be worth it.
The German Federal Statistical Office (Destatis) said on December 22 that residential real estate prices in the country in the third quarter of 12 decreased by an average of 2023% over the same period last year, the sharpest decrease since 10,2. since these data have been collected since 2000.
On December 16, German Finance Minister Christian Lindner announced a plan to reform the country's public debt regulations to boost public spending during the economic recession.
Chief economist Cyrus de la Rubia of Hamburg Commercial Bank commented that the Eurozone economy is stuck in difficulties. Additionally, the latest figures show that GDP is likely to decline for the second consecutive quarter.
German industrial companies have turned the advantage of cheap gas from Russia into a competitive factor in the world market. The European powerhouse has been known as the global export champion for many years. However, this may soon disappear.