According to a recent report, the BDI (Federation of German Industries) industry association in Germany has raised its forecast for export growth in 2023 to 2%, which is double the prediction they made in January. BDI President Siegfried Russwurm stated that although the outlook has improved, the growth rate is still slow, and Germany should not be content with this progress.
Despite the increase in the forecast, Germany is still falling behind the global trade forecast of 2.5% export growth, as indicated by BDI figures cited in the report. Since Germany’s post-pandemic recovery, export growth has slowed significantly, with an increase of only 2.9% in 2022 and 9.1% in 2021.
The BDI president further added that Germany is lagging behind other countries where energy prices are lower, which is affecting energy-intensive companies in particular. As a result, many companies are relocating parts of their production to other countries. In conclusion, while the growth forecast has improved, Germany needs to address issues such as high energy prices and the relocation of production to achieve better export growth rates.
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