MR MAJANGA
JF-Expert Member
- Oct 4, 2014
- 3,526
- 10,820
German Chancellor Scholz said that the real reason for the current economic crisis in Europe is the growth of Asian economies, and the pandemic and the war in Ukraine have only accelerated these trends.
Speaking at an economic forum in Berlin, he said that "happy times" with stable economic growth and low inflation were over for the West, but they could not last long.
“The war between Russia and Ukraine and the economic consequences of the pandemic may have hastened the end of these times, but they did not trigger it,” says Scholz.
In his opinion, this is due to the fact that for decades Asian countries have been producing cheap goods for the European, North American and Chinese markets. Over the years, Asia's average purchasing power has risen sharply.
Now, according to Scholz, Asian countries are competing with Europe in energy, raw materials and technology.
Speaking at an economic forum in Berlin, he said that "happy times" with stable economic growth and low inflation were over for the West, but they could not last long.
“The war between Russia and Ukraine and the economic consequences of the pandemic may have hastened the end of these times, but they did not trigger it,” says Scholz.
In his opinion, this is due to the fact that for decades Asian countries have been producing cheap goods for the European, North American and Chinese markets. Over the years, Asia's average purchasing power has risen sharply.
Now, according to Scholz, Asian countries are competing with Europe in energy, raw materials and technology.