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Saxon economy: Economic survey reveals poor forecast for 2024
According to a report from www.dnn.de, the Saxon economy is pessimistic about the year 2024. According to a new economic survey by the Saxon Chambers of Industry and Commerce (IHK), the outlook for the coming months remains negative, as more than one in three companies expect their business to deteriorate. The construction, hospitality and tourism sectors in particular, as well as other sectors of the economy such as industry, retail and wholesale, are expecting a deterioration. The willingness to invest is low given the difficult conditions, and only 15 percent of the companies surveyed plan to increase their investments, while 30 percent want to reduce them. This is accompanied by a persistent shortage of skilled workers and low staff growth...
Saxon economy: Economic survey reveals poor forecast for 2024
According to a report by www.dnn.de, the Saxon economy is pessimistic about the year 2024. According to a new economic survey by the Saxon Chambers of Industry and Commerce (IHK), the outlook for the coming months remains negative, as more than one in three companies expect their business to deteriorate. The construction, hospitality and tourism sectors in particular, as well as other sectors of the economy such as industry, retail and wholesale, are expecting a deterioration.
The willingness to invest is low given the difficult conditions, and only 15 percent of the companies surveyed plan to increase their investments, while 30 percent want to reduce them. This is accompanied by a persistent shortage of skilled workers and low staff growth in companies. The Saxon economy fears further gloomy months, particularly due to energy prices, labor costs and economic conditions that are perceived as barriers. The federal government is being asked to rethink its economic policy in order to improve the situation.
In comparison, the IHK Leipzig is in a slightly better position because the dominant service industry is less affected by the economic downturn and Leipzig, as a growing city, receives additional positive impulses. Nevertheless, the Saxon chambers are calling for a “moratorium on burdens” and an adaptation of the energy transition to economic reality.
In view of this development, the financial markets in Saxony could expect lower investment activity and a weaker economy in the future. This could also have an impact on the employment situation in the region, as many companies expect a reduction in their workforce. The negative outlook for the Saxon economy could also impact investor and consumer confidence, which could lead to a general slowdown in economic activity. It remains to be seen whether the federal government will take measures to improve the situation and restore confidence in the economy.
Read the source article at www.dnn.de