by Mandiner, ReMix News:
The green transition coupled with rising energy prices will slow down the German economy
Germany is facing several tough years due to a combination of transitioning to sustainable energy sources and the rising costs of energy, warned Germany’s Green Economic Affairs Minister Robert Habeck.
The federal minister, who has long called for a radical energy policy change, said that Germany faces “five tough years ahead” and revealed the country will have to borrow to support companies’ energy costs or lose their industry.
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“Tough years of green industrial transition will put a burden on people,” Habeck said, noting that the IMF expects the German economy to shrink by 0.3 percent this year.
The German statistical office warned in May that the country was entering a recession, and some big companies are already thinking of moving out of Germany, fueling fears of a loss of industrial production.
