Embracing creative destruction would revive the country’s fortunes
Happy Sunday, readers. The German election is just two weeks away. The clouds have thickened over Europe’s largest economy. Surging energy costs following Russia’s invasion of Ukraine, rising competition from China and now the threat of US tariffs have sapped economic activity. Germany has registered negative growth for two straight years. The nation is sadly reclaiming its badge as “the sick man of Europe”.
The chart below shows that German industry is well-placed for value creation, being highly competitive in a number of growth sectors. German industry generates significant revenues by selling goods and services abroad, which does expose it to shifts in demand and geopolitics. But there are opportunities to sell more to Europe, especially in defence and green tech . The domestic economic environment could also provide a headwind in the medium term.
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