The Economic Future of Germany Hinges on the Upcoming Election
The economic stability of Germany is hanging in the balance with its major industries under strain, a fact that is not lost on the country's executives. When Germans cast their votes in the imminent election, the wellbeing of corporations like SKW Piesteritz will be foremost in their thoughts. This chemical company has already cut its annual Christmas bonus for employees in half and recently closed one of its two ammonia plants.
High energy costs and extensive German regulation are taking their toll, with corporate leaders hinting at the possibility of shifting production overseas. Such a move could put around 10,000 jobs in jeopardy in the Lutherstadt Wittenberg region, an area already economically disadvantaged and impacted by the company's cutbacks.
Local mayor, Torsten Zugehör, described the situation as a catastrophe. While immigration and the potential impact on the transatlantic alliance by President Trump's policies have been focal points of the German election, interviews and polls suggest that the main concern for Germans is their faltering economy.
There is a unanimous agreement among business executives, workers, and politicians that the incoming German chancellor needs to take prompt action to rejuvenate the country's struggling industrial sector. If not, they warn of an impending economic and political crisis.
Petr Cingr, chairman of the board of SKW, which produces products such as fertilizers and diesel motor additives, stated that Germany's competitiveness, which was once a point of national pride, is currently at its lowest point. The economic health of the nation and its industries will be a critical factor influencing the choice of voters in the forthcoming election.