Germany, as a place to do business, is increasingly lagging behind in terms of competitiveness, says corporate CEO Oliver Blume.
For the first time in its 87 years of existence, German automaker Volkswagen has announced its intention to close factories in Germany and cut staff due to the worsening economic situation. Bloomberg reported this in connection with a company statement.
Volkswagen AG said “the country’s most important industry is fighting for its future.” Possible shutdown measures also include an attempt to end the company’s 30-year job security agreement with workers.
The CEO of the corporation Oliver Blume said that Germany as a place to do business is increasingly lagging behind in terms of competitiveness – the economic situation has worsened again.
The company currently employs 673,000 people. Management plans to lay off up to 110,000 employees in the coming years.
As we have already written, Germany’s budget deficit in 2025 may lead to a reduction in military aid to Ukraine – to 4 billion in 2025.
Germany has agreed to halve aid to Ukraine by 2025
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.