BDI considers export growth of 2.5 percent possible in 2022

“The war, but also the global disruption in logistics chains, is weakening growth. The industry is suffering from expensive raw materials and supply bottlenecks. The economic risks remain very high,” said BDI President Siegfried Russwurm in an interview with RedaktiosNetzwerk Deutschland (RND/Saturday) on the occasion of the Hannover tradefair. Russwurm added: “Nevertheless, we think an increase in exports of two and a half percent is possible, but only under two conditions: the supply chain problems decrease significantly in the second half of the year. And there is no gas embargo. That would stifle our growth and the economy into recession.”

Germany must never again become as dependent on a country as it is on Russia, said Russwurm. “It’s part of being honest that we still wouldn’t be able to cope with a stop in Russian gas deliveries – business and the federal government agree on that,” he emphasized. “Companies must diversify their procurement much more and also open up new sales markets,” said the Industry President. “It’s less cost-effective than focusing on a few large suppliers and a few large countries. But it prevents one-sided dependencies.”

Russwurm acknowledged that the economy also bears responsibility for the dependency on Russia, but refused to call this policy a mistake in general. “Of course, the German economy also bears responsibility. Due to its geographical location, Germany was accessible for cheap pipeline gas from Siberia. It would have been economically wrong not to use this competitive advantage,” he said. “No one had in mind that a Russian president would completely abandon the minimum civilizational consensus of the international community. That was a historical error, I admit it,” continued Russwurm. “That’s not why all of Russia’s policy over the past 20 years has been a mistake, as many are now claiming,” he added.

FRANKFURT (Dow Jones)

Image sources: Gunnar Pippel / Shutterstock.com

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