Europe s industrial bastion, Germany, famed for its labor stability, grapples with a wave of strikes unseen in decades, reflecting broader economic turmoil amid recession fears, waning global competitiveness, and internal labor strife. As industrial actions persist, it costs the nation roughly €100 million daily.
Germany s energy security has been undermined by the sabotage of the Nord Stream 1 and 2 gas pipelines and by economic sanctions on Russia. Now reduced global demand for its industrial products threatens to deepen the recession.
Germany's economy stabilized as estimated in the second quarter as weak foreign demand offset the strength in government spending and investment, latest data from Destatis showed Friday.