Long-term Efforts Required to Improve Germany's Economy, Says Bundesbank Chair

The President of the Bundesbank, Joachim Nagel, stated that Germany needs to undertake significant efforts to emerge from its current economic stagnation. In a recent interview, Nagel emphasized that the country's economic indicators do not meet expectations and that it is essential for Germany to focus on structural reforms and investments to boost productivity and strengthen domestic demand. He highlighted the need to create more confidence in the economy to encourage businesses to invest and consumers to spend their money.

According to him, Germany is facing challenges related to demographics, high inflation, and global economic pressures. Nagel added that collaboration between the government, the business sector, and labor unions is crucial to implement the necessary changes. However, this will require determination and a willingness to compromise to foster a positive climate for business and investments.

He also mentioned that long-term strategies and the initiation of new projects that could stimulate economic growth should be a priority. Nagel expressed hope that the government would take measures to improve infrastructure and digitalization, which would contribute to the country's long-term development.

Despite the existing difficulties, Nagel conveyed optimism regarding the future of Germany's economy, stating that with the right measures, it is possible to overcome current economic obstacles and restore the resilience of the economic system.

In conclusion, he warned against relying solely on external circumstances and emphasized the importance of creating conditions for internal growth and development.

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