Our colleagues from RTL spoke to the director of the Chamber of Commerce about current economic challenges for households and businesses.
Inflation increased by 4.7% between December 2021 and January this year. The National Institute of Statistics and Economic Studies (STATEC) estimates that the situation will not calm down before 2023.
A range of short-term solutions is now needed to address problems with long-term potential, believes Carlo Thelen. Both businesses and private households are suffering considerably under the circumstances.
Several economic factors are part of the equation. Some issues relate to friction due to the global recovery following lockdowns, creating a situation where supply cannot keep up with demand. Logistical problems include persisting supply chain disruptions and a lack of workers.
Even before the pandemic and the Ukraine crisis, the energy transition of recent years was already driving up prices, says Thelen: “It is clear that businesses and households will have to shoulder the burden of this transition, but I think the government has failed to get this message across.”
Thelen also spoke about the need to become less independent on China and the United States in terms of production in Europe. Similarly, energy supply should be diversified, he noted.
Thelen also expects that inflation will not calm down before 2023, or even 2024.