The German economy shrank by 0.2% in 2024, marking a second consecutive year of GDP contraction, driven by factors like rising inflation and energy costs.
Germany is facing a cost of living crisis, with skyrocketing energy prices from the Ukraine war impacting inflation and essential goods affordability.
Decreased demand for exports, especially due to the rise of Chinese electric vehicles, along with aging infrastructure, has further strained Germany's economy.
The collapse of Chancellor Scholz's coalition government over budgetary disputes signifies the tension between maintaining a balanced budget and addressing economic challenges.
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