Thuringian companies expect restrained economic development in 2024 - financial expert analyzes survey results

Thuringian companies expect restrained economic development in 2024 - financial expert analyzes survey results

According to a report by www.zeit.de, 40 percent of Thuringian companies expect economic development to be slightly or significantly worse in 2024 compared to the previous year. Another third expect a sideways movement, while almost 16 percent did not want to make a forecast. The general manager of the umbrella organization of Thuringian employers, Matthias Kreft, emphasizes that the economy remains in crisis mode and that crises are unfortunately the new normal.

The pessimistic expectations of Thuringian companies are in contrast to the nationwide forecasts. Overall, only weak economic growth of less than one percent is expected in East Germany. Thuringia's Economics Minister Wolfgang Tiefensee also predicts only subdued economic development for the country. This is understandable given the significant economic risks and uncertainties.

The survey also shows that the “golden times on the labor market” are in danger of ending, although skilled workers and young professionals are still urgently needed. Companies are trying to fill open training positions through various measures, such as setting up a “German Professional School” and offering internships.

However, Thuringian companies are dissatisfied with the state government's economic policy, especially with regard to education policy and location marketing. Although companies rate the business location positively overall, they still see untapped potential.

The association's leadership was critical of the right-wing tendencies in Thuringia and the poll numbers for the AfD. They emphasize that the AfD is not a solution and that foreign workers are needed to secure demand in Thuringia. Questioning the EU would harm the Thuringian economy.

Overall, the survey by the Thuringian Business Association shows an overall negative mood among companies, which indicates difficult economic development in 2024. This could lead to a rise in unemployment and general economic uncertainty.