“The German economy is slipping irresistibly into a crisis that could weaken the country for a long time.
This is a tragedy in five acts, ”the publication says.
It is noted that the first signs of the crisis have already experienced enterprises that depend on gas and electricity, including producers of paper, fertilizers and steel.
They have to pass the increased prices on to consumers, who are now also forced to save money by rising electricity and gas bills.
“And then the curtain rises and the fourth act of the tragedy begins, with all the signs of an economic disaster: consumer sentiment has never been so bad in the history of the Federal Republic,” emphasizes Der Spiegel.
Thus, the level of consumption in the country is reduced, the main enterprises stop working, which will subsequently lead to unemployment.
"The fifth act of the economic drama" in the publication called the recession.
German Chancellor Olaf Scholz said earlier that Berlin had been preparing to cut off Russian gas supplies since December 2021.
Later, German Foreign Minister Burbock acknowledged that Germany could not immediately refuse gas from Russia.
In turn, Turkish President Recep Tayyip Erdogan said that the sanctions and the attitude towards Putin led the EU to serious problems next winter.