Deutsche Bank Chief Warns: Germany to Emerge as the ‘Sick Man of Europe’

Germany is on the verge of becoming ‘the sick man of Europe,’ warns Deutsche Bank’s CEO, Christian Sewing.

During an industry summit in Frankfurt, Sewing stated, ‘We are not the sick man of Europe.’ However, he acknowledged that Germany has structural weaknesses that hinder its economic development and potential:

‘And we will become the sick man of Europe if we do not address these structural issues now.’

Warning: Deutsche Bank chief executive Christian Sewing (pictured) said Germany became complacent after more than a decade of growth before the pandemic struck

Sewing also highlighted Germany’s lagging banking industry, slow internet connections, outdated rail networks, excessive bureaucracy, lack of skilled workers, and unpredictable energy costs.

Germany’s economy entered a recession last winter and is expected to experience a double-dip in the second half of this year, despite a brief period of recovery over the summer.

Both the Organisation for Economic Cooperation and Development and the International Monetary Fund have warned about Germany’s contracting economy.

Sewing attributed Germany’s complacency to over a decade of growth prior to the pandemic and criticized the current discussions around shorter workweeks, wealth redistribution, and the desirability of economic growth, stating, ‘We negate the basic economic principle that you must do something before you get something.’