According to the Central bank of Germany, the economy of the country has slipped into rescission following the disruption in the car industry, the tension in the global trade, and Brexit taking the toll.
The fall has turned out to be a major setback for Chancellor Angela Merkel as well as the eurozone, said the Bundesbank as the economy of Germany is contracting back again in the third quarter.
In the monthly report sent out by the bank, they had mentioned that Germany’s economy may have shrunk slightly in the third quarter of the year 2019.
The bank said that the factor driving towards the fall is the downturn in the export industry.
The bank is coming out clean with its prospective without hiding and hinting how it can turn into a major economic fall if the right measures are not taken and that the fall has already begun.
The report said, “Early indicators of the matter are able to provide a few protective measures in the Export industry to get it back on its leg so that the economy can be saved.”
Germany is not the only country falling into trouble but it is almost all of Europe. The UK has also been affected by the same in the second quarter of the year but it is clear that the UK has recovered and is at a fine pace now.
Brexit is coming out as a major problem and financial experts are suggesting for the countries that the only way to skip the cracks and of coming out of the cracks is to take it very slowly.
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