In 2024, the German industry faces a recession, notably in automotive and mechanical engineering sectors. Declining exports, financial policy uncertainties, and weak demand domestically and in Europe are weighing down the economy.
Economic forecasts are being revised downward, prompting calls for new free trade agreements. The mechanical engineering sector anticipates an 8% production decline, with order intake significantly below last year.
The industry, employing over a million people, is grappling with reduced exports and global economic uncertainties. The need for competitive reforms is emphasized to restore productivity and address the declining economic trend effectively.
The VDMA has lowered its production forecast, reflecting the industry's challenges in capacity utilization and revenue, highlighting the necessity for measures to enhance competitiveness.
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