Tuesday, November 22, 2022

Germany: The first cause of Europe's crisis is the rise of Asia, not the Ukraine war

    Tuesday, November 22, 2022   No comments

German Chancellor Olaf Scholz confirmed that "the past 30 years of low inflation and stable economic growth in Europe were exceptional," stressing that "the conflict in Ukraine is not the main reason for the end of this era, but it has accelerated it."

Today, Tuesday, during an economic forum that brought together representatives of economic companies in Berlin, Scholz said: "Today we are in a new stage of globalization, and over the past 30 years, here in Europe and North America, we have witnessed stable growth, low inflation and high employment rates." And the conflict in Ukraine It hastened the end of this era, but it's not the main reason."

"The real reason is the growth of Asian economies, which compete with Europe in energy, raw materials and technology," Scholz said, warning "once again of a decline in globalization" and calling for "economic diversification."

"The real reason is the growth of Asian economies." German Chancellor Olaf Scholz.


He stressed that "Germany will not make the mistake of entering into an energy dependency, such as the one that has arisen in recent years with Russia with regard to natural gas supplies for the second time," and added, "What I understood after holding a number of talks with representatives of the German economy is that this mistake It won't happen to us again."


During the forum organized by the Bavarian daily "Süddeutsche Zeitung" newspaper, Scholz explained the types of challenges facing the German economy, and his ambition to diversify its sources of energy supply in multiple regions, from now on. He promised the Germans that he would "work so that the German economy and Germany can regain its place as a place for business, and get through the hard times."


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