Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Death toll from latest Israeli strikes on Gaza rises to 30
Al Mayadeen's correspondent: Five killed in the Israeli bombing of a civilian vehicle on Al-Qassam Street in Khan Younis, south of the Gaza Strip
Hamas confirms that it has no connection to the shooting incident in Rafah and affirms its commitment to the ceasefire agreement
Al Mayadeen's correspondent: Two civilians were killed and four others, including a child and an infant, were injured in an Israeli bombing of a house belonging to the Al-Banna family in the al-Sabra neighborhood, south of Gaza City
Al Mayadeen's correspondent: An Israeli airstrike targets the vicinity of Al-Shifa Medical Complex, west of Gaza City
Al-Qassam: We will postpone the handover of the body of the Israeli captive we found, which was scheduled for today, due to the occupation's violations
Al Mayadeen's correspondent in Gaza: Israeli occupation aircraft launch airstrikes on the city of Rafah in the southern Gaza Strip
Netanyahu's office: At the end of the security consultations, the prime minister instructed the military to launch massive military strikes on the Gaza Strip immediately
President Aoun: We urge the activation of the monitoring committee, the cessation of hostilities, ongoing Israeli violations, attacks
Lebanese President Joseph Aoun to US Envoy Morgan Ortagus: Southerners must be enabled to return to their homes and rebuild

German economy falters, EU rides on coattails

  • By Al Mayadeen English
  • Source: News Website
  • 26 May 2023 15:26
  • 1 Shares
3 Min Read

At the foundation of the German economic crisis is the discrepancy between Germany's aspiration for economic competitiveness and its energy transition track.

  • x
  • German Chancellor Olaf Scholz poses for photographs during the recording of his New Year's speech at the Chancellery in Berlin on Dec. 30 2022 (reuters)
    German Chancellor Olaf Scholz poses for photographs during the recording of his New Year's speech at the Chancellery in Berlin on Dec. 30, 2022 (Reuters)

Germany has been the spearhead of the EU's economy, pulling from Europe from one crisis after another. However, the German economy recently appears to be breaking down, according to a report by Bloomberg. 

The energy crisis in Germany, following decades of flawed energy policy, the ill fate of combustion engine cars, and the stifled transition toward modernized technology, poses a fundamental threat to the North European country and by extension to the EU at large. 

"We've been naïve as a society because everything seems fine, these problems we have in Germany are accumulating. We have a period of change ahead of us; I don't know if everyone realizes this," the Chief Executive of BASF, the largest chemical company in Germany told Bloomberg.

In addition to the energy crisis, bureaucratic inefficiency further exacerbates the crisis. Chancellor Olaf Scholz's loose coalition proved to be ineffective with a recurrent gridlock because of intra-coalition discord over a variety of issues ranging from debt to speed limits. 

The German economy seems to be contracting since October after Russian gas exports were largely reduced. Germany's economy is projected to lag behind the rest of Europe in the years to come, according to the studies of economists. The IMF also estimates Germany will be the worst-performing G7 economy this year. 

However, the chancellor has maintained his optimism for German economic protests. "The prospects for the German economy are very good, we are solving the challenges that face us," Scholz told reporters in Berlin.

At the foundation of the German economic crisis is the discrepancy between Germany's aspiration for economic competitiveness and its energy transition track.

Related News

Global brands in China face pressure from rising local rivals

Russian economy grows 1% in January–August, inflation at 8%

Read more: German gas giant begging for state funding

Back in March, the European Union and Germany struck a deal over the planned phaseout by 2035 of the sale of cars using fossil fuels after a heated row.

For the bloc's 2035 plan to become a "climate neutral" economy by 2025 with net-zero greenhouse gas emissions, it was critical to prohibit new sales of fossil fuel cars. 

Berlin asked Brussels to provide assurances that the law would allow the selling of new cars with combustion engines that run on synthetic fuels. This was the focus of the breakthrough announced. 

Weeks-long negotiations between the European Commission and Germany finally took a turn based on Berlin's desire for a stronger commitment to synthetic fuels.

Read more: German inflation to remain high until end of 2024

Germany is still developing the synthetic fuels it wishes to use while producing low-carbon electricity. German manufacturers hope that this will lead to the extended use of combustion engines.

Industry experts expressed their doubts over whether synthetic fuels-powered vehicles will be able to compete in the market against electric cars, whose prices are to become cheaper.

  • economy
  • Europe
  • Germany
  • European Union

Most Read

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

  • Technology
  • 24 Oct 2025
Arab League chief exposes secret US deal shielding 'Israel’s' nukes

Arab League chief exposes secret US deal shielding 'Israel’s' nukes

  • Politics
  • 27 Oct 2025
Abu Hamza, the spokesperson for the Al-Quds Brigades, during a speech televised on October 22, 2025 (Al-Quds Brigades Military Media)

Al-Quds Brigades' Abu Hamza mourns leaders, vows continued resistance

  • Politics
  • 22 Oct 2025
US missionary kidnapped in Niger capital, suspected taken toward Mali

US missionary kidnapped in Niger capital, suspected taken toward Mali

  • Africa
  • 23 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Members of the al-Qassam Brigades, the military wing of Hamas, and Egyptian workers search for the bodies of hostages in a tunnel discovered during searches in Hamad City, Khan Younis, in the southern Gaza Strip, on Tuesday, Oct. 28, 2025 (AP)
Politics

'Israel' obstructing Gaza body recovery, creating false claims: Hamas

Lebanese Prime Minister Nawwaf Salam talks to US Deputy Special Envoy to the Middle East Morgan Ortagus at the Grand Serail in Beirut, Lebanon, October 28, 2025 (NNA)
Politics

Salam conveys to Ortagus goals behind any possible negotiations

Writers boycott NYT, demand justice as Gaza media ban faces court
Politics

300+ writers boycott NYT Opinion, cite persistent anti-Palestine bias

Settlers attack West Bank olive harvesters, Injure 3 Palestinians
Politics

Settlers attack West Bank olive harvesters, injure 3 Palestinians

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS