According to Siegfried Russwurm, the President of the German Industry Association (BDI), Germany’s economy is losing competitiveness, not only due to high energy prices but also to excessive bureaucracy. Innovation has always been one of the main strengths of the German economy, enabling it to gain and maintain a strong position in global markets. This was highlighted by Russwurm on Monday.

Siegfried Russwurm, President of the Federation of German Industries (BDI), has warned that Germany’s economy is losing competitiveness, not only due to high energy prices but also excessive bureaucracy.

Innovation has always been one of the main strengths of the German economy in gaining and maintaining a strong position in global markets.

According to BDI’s forecast, global trade will increase by about 2.5% this year, while German exports will only grow by 2%. Last year, German exports increased by almost 3% in real terms.

Russwurm called on politicians to make greater efforts to prevent the economic position of Germany from deteriorating.

He emphasized that climate protection and digitization require better framework conditions for technical innovation, which has always been the strongest card of the German industry in global markets.

Russwurm stressed that the German industry needs a reduction in bureaucracy, a significant decrease in the tax burden, and the provision of reliable and affordable energy supplies.

He pointed out the negative impact of high electricity prices, which, according to him, must quickly return to competitive levels.