DIHK Calls for Swift Economic Reform Amid Ongoing Recession

The DIHK (German Industry and Commerce Association) is calling for swift reforms after the Bundestagswahl. DIHK President Peter Adrian emphasizes the need for a new course in economic policy, citing the ongoing recession and the need for investment and better conditions for sustainable growth, innovation, and competitiveness. Adrian demands spurious relief from bureaucracy and taxes, urging the new government to take action quickly and clearly to stimulate economic growth.

The German Industry and Commerce Association (DIHK) has called for urgent economic policy reforms following the recent Bundestagswahl [1]. DIHK President Peter Adrian emphasized the need for a new course in economic policy, citing ongoing recessionary pressures and the necessity for investment, better conditions for sustainable growth, innovation, and competitiveness [1].

Adrian's demands come as the German economy faces a challenging period, with business expectations taking a significant turn for the worse in recent months [2]. The DIHK's nationwide IHK economic survey for early summer 2022 revealed that companies anticipate a decline in production and sales, as well as a decrease in employment opportunities [2].

To stimulate economic growth, Adrian urged the new government to provide spurious relief from bureaucracy and taxes [1]. The DIHK president emphasized the importance of quick and clear action to restore business confidence and encourage investment.

The German economy, an export powerhouse, has been facing various challenges in recent years, including a aging population, rising energy prices, and increasing competition from emerging economies. These factors have contributed to a decline in the country's competitiveness, particularly in the manufacturing sector [3].

To address these challenges, the DIHK has been advocating for various measures, including investment in digitalization and sustainable technologies, streamlining bureaucracy, and reducing taxes for businesses. The association has also called for closer cooperation between the government and businesses to develop policies that support long-term growth and competitiveness.

The new German government, which is expected to be formed in the coming weeks, will face significant pressure to address the country's economic challenges. With the DIHK's support, the government can develop and implement policies that foster innovation, investment, and competitiveness, helping to restore business confidence and boost economic growth.

References:
[1] DIHK. (2022, September 27). DIHK calls for swift reforms after Bundestagswahl. Retrieved October 12, 2022, from https://www.dihk.de/en/news/press-releases/2022/09/27/dihk-calls-for-swift-reforms-after-bundestagswahl
[2] DIHK. (2022, July 12). DIHK-Surveys 2022: Economic Survey Early Summer 2022. Retrieved October 12, 2022, from https://www.dihk.de/en/news/surveys/2022/07/12/dihk-surveys-2022-economic-survey-early-summer-2022
[3] DIHK. (n.d.). Germany. Retrieved October 12, 2022, from https://www.dihk.de/en/international/germany