In a stark warning issued by "Automobilwoche," the German auto supply chain stares into the abyss. Predictions suggest a looming exodus of jobs, with one in four positions at risk in the near future. Presently, the sector boasts a workforce of nearly 270,000 individuals, but this stability hangs precariously in the balance.
Frank Schwope, an authority in Automotive Economics at the Fachhochschule des Mittelstands Hannover, amplifies the urgency of the situation. "The workforce is poised to diminish further, catalyzed by the relentless march towards electric mobility," he cautioned in an interview with the publication. Looking ahead to 2030, Schwope paints a grim picture, envisioning a mere 200,000 employees remaining in German supply chains.
German output is likely to shrink slightly in the first quarter, sending Europe's top economy into recession as it battles multiple crises, the country's central bank warned Monday.
The German economy has been struggling since Russia's 2022 invasion of Ukraine sent inflation soaring, with the crisis compounded by an industrial slowdown and weakness in key trading partners.
After contracting 0.3 percent in the final quarter of 2023, output is "likely to once again decline slightly" from January to March, the Bundesbank said in its monthly report.
"This second consecutive decline in economic output would put the German economy into a technical recession."
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interesting to see that foreign countries are noticing Germany's decline while the majority of Germans are burying their heads in the sand. tragic
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