The German economy registered the strongest slump in the second quarter of 2020 since the beginning of quarterly accounts in 1970. Gross domestic product dropped by 9.7 percent compared to the previous quarter following price, calendar and seasonal adjustment. Industrial production even up 19.2 percent. It will take until 2022 to return to pre-crisis levels.
There is no getting around the fact that the United Kingdom must fulfil its obligations under the Withdrawal Agreement says BDI Director General Joachim Lang with reference to the parliamentary introduction of the British Internal Market Bill.
On the occasion of the Day of German Industry 2020 (TDI), BDI and its Vice-Presidents address its appeal “More Realim in Policy” to political decision-makers in Europe, the federal government, the federal states and parliaments.
Threats from London are harmful and will come back like a boomerang
Reacting to the decision of the British Conservative Party to appoint Boris Johnson as party leader, BDI Director General Joachim Lang says that the economy urgently needs a UK government that makes feasible decisions.
The BDI again expects weak global economic growth of a mere three percent this year. Global trade remains weak, we anticipate an increase of only 1.5 percent. Foreign trade will not be contributing to German economic growth. The increase in GDP will again this year be curbed by foreign trade. Only domestic demand generated by construction activity and private consumption will keep growth above zero.