The Minister of Economy of Germany declared the uncompetitiveness of the country's economic structures

German economic structures are currently uncompetitive due to excessive regulation, high energy prices and cultural barriers. This was announced on October 28 by German Economy Minister Katharina Reiche.

"Germany has burdened its enterprises with excessive regulation, high energy prices due to erroneous energy policies and created a welfare state that puts a strain on jobs," Reiche said. A recording of her performance is posted on the YouTube channel of the Tagesschau television service.

According to the minister, the cultural peculiarities of Germany, where "failure is a stigma" and risks are avoided at all costs, exacerbate the situation. She noted that such approaches are typical for both government regulation and large enterprises. In an era of accelerating technological change, this leads to a rapid loss of the country's competitiveness in the global market.

To lend strictly: banks urged not to issue loans to bankrupt customers for 10 years

According to financial organizations, this status covers those who were not going to repay the loan, but what about those who really got into trouble?

Bloomberg reported on August 7 that industrial production in Germany experienced the biggest drop in a year, leading to a crisis caused by trade duties imposed by US President Donald Trump. According to Bloomberg, due to the industrial collapse, the German economy shrank by 0.2%, not 0.1%.

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