But another expert – Holger Schmieding, economist at Berenberg Bank – believes that Germany has room for recovery.
He told the same outlet: “Germany is not the sick man of Europe. It has one of the strongest labour markets in Europe and a fiscal position that is the envy of other advanced economies. It has problems but they are mainly temporary.
“Germany is very dependent on global trade. When global trade is booming everybody marvels at how well Germany is doing. When global trade is weak Germany becomes the sick man of Europe.”
Germany’s economic woes have left Chancellor Scholz at a record low in the polls.
In December, a DeutschlandTrend poll found that Scholz’s party would only receive 14 percent of the vote if an election was held now.
