German companies: The European Union has lost its attractiveness as a place to do business

Bloomberg reported yesterday, Wednesday, that most executives in German companies consider that the European Union has lost its attractiveness as a place to do business.

According to a study conducted by the German Chamber of Commerce and Industry, 56% of the 3,000 German companies surveyed indicated that the competitiveness of the European Union as a place to do business has deteriorated over the past five years, while only 7% of participants saw an improvement in the competitiveness of the European Union.

Bloomberg quoted the head of the German Chamber of Commerce and Industry, Martin Wansleben, as saying: “Despite its more advantageous starting position, Europe risks losing its place in international competition,” and Wansleben called for “stopping this trend immediately.”

As the newspaper points out, excessive bureaucracy and trade barriers have become factors causing dissatisfaction among German companies. Rising costs due to rising energy prices also have an impact.

Since the start of the special military operation in Ukraine on February 24, 2022, many Western countries have rushed to impose unprecedented sanctions on Russia and provide financial and military support to the Kiev regime in an effort to obstruct the goals of the Russian special military operation in Ukraine.

But the effects of these sanctions quickly had a negative impact on the countries that imposed them, leading to a rise in the prices of electricity, fuel, and food in Europe and the United States.

Last November, the European Commission revealed that the "protracted" crisis in Ukraine and the conflict in the Middle East increase uncertainty and the risk of deteriorating economic prospects for the European Union.

According to the European Commission, "the economic development of the EU's main trading partners, especially China, also poses risks to the European economy."