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Germany To Lose 40-50,000 Industrial Jobs under Present Policy

President Stefan Wolf of Gesamtmetall (Federation of German Employers‘ Associations in the Metal and Electrical Engineering Industries) projected the potential job losses of 40-50,000 over the next three to four years, he said in an interview with Funke Media Group, published May 22. Something urgently needs to change structurally, he said. “It doesn’t help to appease and dismiss the situation as an economic dip,” he said, without addressing his criticism directly to Germany’s Chancellor Olaf Scholz. “I can already see the beginnings of de-industrialization. There are many relocations taking place—everywhere,” said Wolf.

Companies in the automotive and supplier industry are currently particularly affected. “Many companies are very cautious. There is much less investment. Due to the poor framework conditions here in Germany, a lot of money is currently flowing abroad instead. We have lost over 300 billion euros in investments as a result.” This figure is “dramatic.” If investments are not made here, productivity will suffer in the long term, which will lead to even less competitiveness.

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