Germany's industry is facing significant job losses, particularly in the automotive sector, raising concerns about the ongoing economic crisis.
Germany’s industrial sector is currently grappling with a severe crisis as reported by Ernst & Young (EY). The analysis reveals that in the past year, the industrial sector lost approximately 124,000 jobs, with fears of further cuts among experts. The losses in industrial employment in 2023 were nearly double those of the previous year, highlighting a troubling trend within the economy. This downturn is primarily driven by challenges in the automotive industry, which alone accounted for around 50,000 job losses. On the other hand, sectors like chemicals and pharmaceuticals fared relatively better, with minimal job reductions.
