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german economists have been "flying blindly" for months

2024-09-24

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in germany, a country renowned for its punctuality and reliability, people are now complaining about train delays, overt bureaucracy and widespread staff shortages. even the notoriously hardworking statisticians are increasingly seen as unreliable.

the german federal statistical office (destatis), established in 1948, is one of the benchmarks of global statistics. however, in the past four months, the german federal statistical office has suspended the release of a series of key economic indicators after an error in a data update. at a time when germany is striving to promote economic growth, the public and economists lack sufficient data support when making judgments.

"in the past, there were some aspects of life that could be trusted, and the timely publication of official statistics was one of them, but that is no longer the case," said kremer, chief economist at commerzbank.

many german experts and business people interviewed by china business news are pessimistic about the governing ability of the current german ruling coalition and believe that its economic prospects face challenges.

professor zheng chunrong, director of the institute of german studies/institute of european union and director of the german research center at tongji university, told the first financial reporter that the german economy is indeed facing some difficulties at present, and some inherent problems have not been resolved, including backward infrastructure in many states in germany, insufficient investment in new technologies, and complicated bureaucratic procedures.

a person who has been running a business in hamburg, germany for many years told the first financial reporter that he missed the previous period of german economic prosperity, but things are not as good as before.