Stitching stated that EU residents work about 34 hours per week on common in contrast with about 28 hours in Germany.
He argued that Germany ought to embrace longer work-weeks. “We can’t handle it with a mean of 28 hours per week and a pension at 63,” he stated.
The euro space’s largest economic system has been digesting a slate of damaging financial information lately.
For starters, the German economic system contracted within the second quarter of the yr, whereas at the beginning of the month, the manufacturing buying managers index (PMI), a key indicator of business sentiment, flashed damaging, marking over a yr it has been in damaging territory.
In the meantime, earlier this week, flagship carmaker Volkswagen instructed its workforce it was contemplating a manufacturing facility closure, an unprecedented transfer in Germany for the corporate.
Stitching additionally expressed considerations about current regional elections in Thuringia and Saxony, the place the right-wing extremist AfD social gathering completed first and second, respectively.
“I remorse the sturdy inflow of assist for events with excessive positions and — like most of us — I’d have preferred a special consequence,” he stated, including that political instability within the nation will cut back Germany’s attractiveness as an funding vacation spot.
“Together with our wonderful firms, this was all the time one of many strongest arguments for investing right here. However now this argument is being known as into query in some circumstances.”