Economy Schleswig-Holstein 2023: Concern about further deindustrialization and a stressful year 2024

Economy Schleswig-Holstein 2023: Concern about further deindustrialization and a stressful year 2024

According to a report by www.kn-online.de, 2023 was a difficult year for the economy in Schleswig-Holstein and the outlook for 2024 is also bleak. Energy-intensive sectors, construction, retail and catering in particular are suffering from high energy costs, increased interest rates and concerns about geopolitical conflicts.

As a financial professional, it is important to analyze the potential impact of these developments. The increased energy costs can affect the profit margins of many companies in Schleswig-Holstein, especially in energy-intensive industries such as the chemical, metal and paper industries. This could lead to a lower willingness to invest and a decline in competitiveness.

Concerns about further geopolitical conflicts may lead to uncertainty in the markets, which could have a negative impact on investments and the business climate. The increased interest rates could also increase the costs of corporate loans and thus make it more difficult to finance projects.

Overall, these developments could lead to further deindustrialization, as the employers' association UV-Nord warns. This development could also increase unemployment in the region and threaten economic stability.

As a financial professional, it is important that companies in Schleswig-Holstein prepare for these challenges by adjusting their financial plans and looking for alternative energy sources and financing options. It is also advisable to prepare for possible market fluctuations and develop flexible strategies to adapt to changing economic conditions.