Germany's industrial sector is enduring a severe five-year decline, jeopardizing approximately 5.5 million jobs and 20% of GDP. This downturn results from multiple factors, including heightened energy prices after reducing dependence on Russian resources due to the Ukraine invasion. Concurrently, supply chain disruptions post-pandemic reduced export demand. Compounding these issues, China's shift to high-tech manufacturing threatens Germany’s traditional strengths, evidenced by the automotive industry struggling with innovation and competition from domestic Chinese brands.
"The speed at which China has caught up with Germany is perhaps most evident in the auto industry. German carmakers have been criticized for a lack of innovation..."
"Moscow's full-scale invasion of Ukraine forced Germany to reduce its reliance on Russian oil and gas, sending energy prices soaring and severely hurting industrial sectors like chemicals and steel."
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