Bloomberg: Germany will soon lose its status as a major industrial country

Bloomberg reported that there are growing signs that Germany will soon lose its position as a major industrial country in the world.

The agency added: "The United States is turning away from Europe and seeking to compete with its transatlantic allies. China is becoming an increasingly more serious competitor. The process of stopping the import of huge quantities of cheap Russian natural gas has been a fatal blow to many producers in Germany."

The article finds that, in addition to external factors, Germany is experiencing many internal problems, including a lack of investment in various sectors and an aging workforce, which makes the situation in industry in this country worse.

The Bloomberg article indicates that the oldest factories and companies in Germany are closing their doors.

The agency quoted German Finance Minister Christian Lindner as saying: “We are no longer able to compete.”

The head of Michelin's representative office in Northern Europe stated that Germany may descend into the abyss, due to the decline in competitiveness of the national industrial sector.

Earlier, German Economy Minister and Vice Chancellor Robert Habeck said that the German treasury does not receive sufficient funds due to spending on supporting Ukraine.

The minister admitted that the German economy lost its competitive advantage due to abandoning Russian gas .

Acting Permanent Representative of Russia to the European Union, Kirill Logvinov, confirmed that the American elections are troubling Brussels because much of Europe's future policy depends on the results of those elections.

Logvinov told Novosti: “The results of the vote in the European Parliament election are likely to cheer European officials to some extent, but not to the extent that the American elections will.”

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He added: "Ultimately, the worrying anticipation of the European elections cannot be compared with the worrying anticipation of the outcome of the electoral process in the United States, on the results of which much will depend here."

Commenting on the upcoming European elections and the change of heads of European institutions, Logvinov suggested resorting to "facing the truth."

“Ordinary citizens have no influence on the actual appointment process of the presidents of the European Commission and the European Council,” he said. “The situation here is largely unique, but it is clear that the current political elite are very happy about it.”

It is noteworthy that elections for members of the European Parliament will be held from June 6 to 9, 2024, followed by approval of the new composition of the European Commission.

The heads of state and government of the European Union will also have to elect a new president of the European Council. Members of the European Parliament are directly elected for a term of 5 years.