The President of the Munich Ifo Institute, Clemens Fuest, warns of a phase of “lean growth” for Germany. “Unfortunately, there will be no economic miracle, but rather something in the direction of sweat and tears,” he told the “Handelsblatt”.
Fuest contradicted Chancellor Olaf Scholz (SPD), who had spoken of a “new economic miracle” due to the investments in connection with the ecological conversion. “We shouldn’t delude ourselves about that,” said Fuest.
Unlike in the 1950s and 1960s, no additional production capacities would be created as a result of the climate transformation; at best, an old capital stock would be replaced by a new one. First of all, that is expensive.
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“Replacing functioning nuclear reactors, coal-fired power plants and heating systems alone will not create more growth. Especially not if the new capital stock is doing worse than the old one.” His conclusion: “It’s time to tighten your belt.”
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