‘Without energy, no economy can run’ – German Companies Warn of Disaster as Electricity and Gas Tap Are ‘Turned Off’ – Centre for Research on Globalization

Cries for help from the once booming German economy are now coming from business leaders, associations, and consumers, with the Federation of German Industries (BDI) also warning of a wave of bankruptcies due to energy cost inflation. A new analysis by the BDI states that this is a major challenge for 58 percent of companies, and 34 percent believe the current crisis represents a matter of survival. Germany is no exception either, with warning from the United Kingdom showing that six in ten manufacturing companies face the risk of closure due to the energy crisis.

Almost every tenth company has already reduced or even interrupted production, while every fourth company is considering or is already relocating company shares or parts of production and jobs abroad where costs are often cheaper than Germany.

“In the trades, a wave of insolvencies is rolling towards us because of the energy crisis,” said president of the Central Association of German Crafts, Hans Peter Wollseifer, to the Rheinische Post. “Every day, we receive emergency calls from companies that are about to stop production because they can no longer pay the enormously increased energy bills.”

‘Without energy, no economy can run’ – German Companies Warn of Disaster as Electricity and Gas Tap Are ‘Turned Off’ – Global ResearchGlobal Research – Centre for Research on Globalization