Germany racked up one economic success after another for most of this century. But the loss of Russian natural gas due to the war in Ukraine has dealt a severe blow to its industry through higher energy costs.

For most of this century, Germany racked up one economic success after another, dominating global markets for high-end products like luxury cars and industrial machinery, selling so much to the rest of the world that half the economy ran on exports.

Jobs were plentiful, the government’s financial coffers grew as other European countries drowned in debt, and books were written about what other countries could learn from Germany.

No longer. Now, Germany is the world’s worst-performing major developed economy, with both the International Monetary Fund and European Union expecting it to shrink this year.

  • @Dead_or_AliveEnglish
    1•1 year ago

    We have our own supply now. That is why Saudi has been making a big stink of buddying up with China or Russia. They want someone else to be their security guarantee against Iran since the U.S. is divesting itself from the Middle East.