Stock exchange director says that Germany becoming ‘developing country’
Date
6/12/2024 8:42:15 AM
(MENAFN) Theodor Weimer, CEO of Deutsche Boerse, has raised alarm bells about Germany's economic trajectory, likening the country's status to that of a "developing country" under the leadership of Chancellor Olaf Scholz. Speaking to the Bavarian business lobby group Wirtschaftsbeirat Bayern, Weimer expressed concerns over what he perceived as a lack of leadership from the ruling coalition, asserting that their policies were driving international investors away from Germany.
In remarks made in April and recently brought to light by Wirtschaftsbeirat Bayern's social media post, Weimer painted a grim picture of Germany's reputation on the global stage, noting that it had never been as tarnished as it is currently. The speech, which has gained traction among conservative circles critical of the coalition's governance, highlighted Weimer's frustration with Deputy Economy Minister Robert Habeck, whom he labeled a "sheer catastrophe."
Questioning the efficacy of the government's policies, Weimer lambasted its approach to economic management and criticized its impact on vital sectors such as the auto industry. He particularly lamented the planned phase-out of petrol and diesel cars, which he argued would have detrimental effects on the country's economic landscape.
Weimer's assessment of Germany's economic situation resonated with concerns about the country's perceived decline in competitiveness and attractiveness to international investors. He highlighted the undervaluation of German companies as a factor attracting investment, characterizing the nation as a "junk shop."
Despite questions raised about the influence of right-wing populism on business confidence, Weimer downplayed its significance, emphasizing that it was not a primary concern for professionals in the industry. However, his remarks underscored broader anxieties within Germany's business community about the country's economic direction and the government's ability to navigate challenges effectively.
As Weimer's comments reverberate, they shed light on the growing discontent and skepticism surrounding Germany's economic prospects under the current leadership, prompting calls for greater accountability and decisive action to address pressing issues facing the nation's economy.
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