Germany is in the most severe economic crisis since the Second World War and the collapse into a long-lasting recession, according to the opinion of the economic expert Bert Rürup. “We’ve never had a crisis like this in Germany” he told Bild (Friday edition).
The old successful German economic model is at risk of collapse. “There were deeper dips – at the beginning of the Corona pandemic, but they were quickly recovered from. Now, it’s about the future viability of the German business model, high-value industrial exports” explained the former professor of finance and economic policy at the Technical University of Darmstadt. “This business model of globalization, based on free trade, has become a outdated model.” Germany’s prosperity has so far been primarily based on the export of industry. “Now, our success model as an export nation is at disposal” said Rürup.
The upcoming elections in February come just in time. “It’s a lucky coincidence that we have new elections so soon” he said. The next Chancellor’s task is to “urgently modernize the depreciation conditions for the economy.” These need to be adapted to the level of modern technology. “Furthermore, massive investments must be made in the modernization of infrastructure – in the physical and digital” said Rürup.