Germany Faces Economic Struggles with Rising Unemployment and Structural Challenges
Experts warn of potential three million unemployed as industrial layoffs and structural issues weigh on economic recovery.
- Germany's unemployment rate has risen to 5.9% in November 2024, with 2.774 million people jobless, marking an increase of 168,000 from the previous year.
- Major industrial employers, including Volkswagen, Ford, and Bosch, are announcing significant layoffs and plant closures, reflecting broader structural issues in key sectors like automotive and manufacturing.
- The Ifo Institute's business climate index highlights deteriorating economic sentiment, with weak domestic and international demand compounding challenges for export-reliant industries.
- Short-term measures like increased reliance on short-time work (Kurzarbeit) are being implemented to mitigate job losses, but experts emphasize the need for long-term structural reforms and investment in innovation.
- Calls for policy changes include reducing energy and labor costs, cutting bureaucracy, and supporting workforce reskilling to address the mismatch between job vacancies and available skills.
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