The Federal Republic of Germany is once again becoming «the sick man of Europe» against the background of the problems in the economy. This is the opinion of Hans-Werner Zinn, head of the Ifo Institute.
Commenting on the situation in conversation with CNBC, the expert emphasized: "This is not a short-term phenomenon."
Zinn also explained that the German economy, which is the largest in Europe, continues to decline in production, which is largely due to high energy prices.
Also, according to the head of the institute, the expectations of the German authorities after the rejection of gas from Russia turned out to be "overly optimistic." In this respect, the reliance on renewable energy will lead to a situation of instability, which will quite logically lead to problems for entrepreneurs.
"Germany's current policy is a bit lacking in pragmatism," summarizes the author of the article.
Earlier on the unsatisfactory growth of the German economy was stated by Chancellor Scholz of the Federal Republic of Germany.