Financial expert criticizes the 2024 federal budget: patchwork without real savings options - Total Metal President Wolf worried.

Financial expert criticizes the 2024 federal budget: patchwork without real savings options - Total Metal President Wolf worried.

According to a report by www.boerse.de,
The president of the Gesamtmetall employers' association, Stefan Wolf, criticizes the federal government's budget plans as a "patchwork". He criticizes the fact that the problems are not being addressed at the root and calls for more savings in the social sector in order to create incentives for work. He also expresses concerns about the economic situation of the metal and electrical industries due to uncertainties such as wars, the budget crisis and high energy prices. He also criticizes the bureaucratic costs caused by the supply chain law and emphasizes the need to make it easier to recruit skilled workers from abroad.

Gesamtmetall President Stefan Wolf's criticism of the federal government's budget plans cannot be ignored. The planned cuts in social benefits and the removal of subsidies for electric cars could lead to a decline in new electric vehicle registrations and have a negative impact on the automotive industry. The uncertainties in energy supply and the wars in Ukraine and Israel could lead to restraint in industry and among consumers, which could affect growth and the economy. In addition, the increased bureaucratic costs caused by the Supply Chain Act could burden the companies affected and weaken their international competitiveness. Regarding the recruitment of skilled workers from abroad, the complexity of the German tax system compared to other countries could lead to highly qualified experts avoiding Germany, which could have a negative impact on the country's competitiveness in the long term. Given all these factors, there is a possibility that the metal and electrical industry could actually face a production decline of 2 to 2.5 percent in 2024.