The Atlantis Report
Premiered Mar 2, 2020
Germany, as an export-reliant economy, has a large exposure to China and Italy; fears grow of second-stage effects.
China is for the German economy a pivotal business partner. It is the first trading partner. That's why Germany has to fear that its exports to China. Italy is an almost as important economic partner.
The German economy, Europe's biggest, has been weakening as its export-oriented manufacturers languish in a recession. There are fears the outbreak could sink Germany into a recession, given the economy's reliance on exports and Chinese supply chains.
The drop in sales for automobiles in China, for example, was 20 percent in February.
Other industries such as the chemical industry, pharmaceutical industry, the electrical industry are all slowing down production. The German electrical industry, for example, gets 13 percent of its supply from China.
The supply shock caused by closed towns and factories in China, and gradually elsewhere, will hit the export-oriented industrial machine. And a divided and disoriented government seems incapable of making the decisions that could cushion the blow.
Companies in Germany are rushing to limit the impact of the spreading , which is hitting an already weakened German economy, which has a particularly painful spot: the supply chains of its export-oriented manufacturers. Businesses learn now how fragile the global production system really is.
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