To judge by recent headlines in the quality press you’d think it was auf Wiedersehen, pet, for the German economy, writes David Little, a partner in our Corporate and Commercial Law team.
Some recent Germany related headlines from publications including The New York Times, The Spectator, The Guardian and the FT have suggested that Germany, once a European powerhouse, is at an economic standstill.
Germany was the worst-performing major economy last year.
Is Germany the sick man of Europe?
Is Germany in “permanent crisis mode”?
Here’s an interesting twist. See how similar the current headlines are to those that Greece endured in 2016, “Greece’s economic crisis goes on odyssey without end,” opined the Guardian.
Countless other publications said the same, as Greece lived through the sobriquet of ‘Sick man of Europe.’
But guess which was Europe’s fastest growing economy in 2023?
The Economist rated Greece as the top-performing economy in 2023. Greece led The Economist’s annual ranking of rich-world economies in 2023. Based on five data indicators: “core” inflation – which excludes volatile components such as energy and food; GDP; employment, and stock market performance for 35 global mostly rich countries.
As reported here for the second year in a row, Greece has achieved remarkable results. With a GDP growth rate at 1.2%, Greece stands out among other countries for its sharp growth in the real value of the stock market, which rose by 43.8% from 2022 to 2023.
The very idea that Germany is down and out is nonsense. Just ask the Greeks.
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David Little is a Partner at Bishop & Sewell in our expert Corporate & Commercial team. If you would like to contact him, please quote Ref CB447 on either on either 07968 027343 / 020 7631 4141 or email company@bishopandsewell.co.uk.
The above is accurate as at 24 January 2024. The information above may be subject to change.
The content of this note should not be considered legal advice and each matter should be considered on a case-by-case basis.
