Germany is at risk of becoming ‘the sick man of Europe’, according to the boss of the country’s biggest bank.
‘We are not the sick man of Europe,’ Deutsche Bank chief executive Christian Sewing told an industry summit in Frankfurt.
‘But it is also true that there are structural weaknesses that hold back our economy and prevent it from developing is great potential.
‘And we will become the sick man of Europe if we do not address these structural issues now.’
Warning: Deutsche Bank chief executive Christian Sewing (pictured) said Germany became complacent after more than a decade of growth before the pandemic struck
He warned the banking industry lagged behind those in rival countries and also highlighted Germany’s slow internet connections, outdated rail networks, red tape and lack of skilled workers as well as unpredictable energy costs.
The German economy fell into recession last winter and is expected to suffer a double-dip in the second half of this year having briefly halted its decline over the summer.
The Organisation for Economic Cooperation and Development this week warned it would be the only economy in the G7 to contract this year.
The International Monetary Fund has made similar predictions.
Warning Germany became complacent after more than a decade of growth before the pandemic, Sewing said: ‘We discuss the four-day week, the redistribution of wealth and whether growth is desirable at all.
In doing so, we negate the basic economic principle that you must do something before you get something.’
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