Skilled labor shortage is slowing down the economy: Herrenknecht criticizes the federal government

Skilled labor shortage is slowing down the economy: Herrenknecht criticizes the federal government

The head of the tunnel boring machine manufacturer Herrenknecht, Martin Herrenknecht, sharply criticized the federal government's economic policy in an interview with the “Frankfurter Allgemeine Zeitung”. In his opinion, politicians should debate less about topics such as double names or gender discussions and instead take a closer look at the current economic challenges.

According to Herrenknecht, a main problem that is holding back growth is the shortage of skilled workers. Filling vacancies is becoming increasingly difficult, particularly in the engineering sector. To address this shortage, Herrenknecht has recently hired a number of foreign skilled workers, including Argentinians, Spaniards, Moroccans, Latvians and Lithuanians.

For effective economic development, Herrenknecht advocates that the federal government should first improve the country's infrastructure. In addition, it is necessary to strengthen defense and to design social spending in the budget sensibly in order to adequately take into account the performance of the national economy. According to Herrenknecht's assessment, the relationship between social spending and economic performance is out of balance, making it difficult to support the economy.

Overall, Herrenknecht sees the federal government's ability to correctly assess the economic situation as crucial for successful economic policy. It remains to be seen how the government will respond to the criticism and suggestions in order to address the current challenges in the economic sector.