The competitiveness of German industry is declining on the global stage, according to a recent report from the Ifo Institute in Munich. In April, 24.4 percent of companies reported a decline in international competitiveness compared to non-EU countries. This is up from 23.9 percent in January. Within the EU, the situation is also concerning, with a decrease in the percentage of companies reporting declining competitiveness, from 20.9 percent to 13.4 percent. Klaus Wohlrabe, head of Ifo surveys, warns that the German industry is losing ground in international competition. He notes that recent trade disputes are reshaping power dynamics in global markets. The metal industry, in particular, is facing challenges, with 43.3 percent reporting a decline in competitiveness, up from 37.8 percent in January. The automotive and machinery industries are also experiencing setbacks. However, the beverage industry is relatively stable, with only a slight change in their international position. Overall, the report highlights the significant challenges facing the German industry in the global market.
German Industry Losing Punch in Global Competition, Ifo Report Warns
