German Chancellor Olaf Scholz is close to resigning as he faces budget turmoil and thousands of farmers surround Berlin’s Brandenburg Gate with their tractors.
Europe’s former powerhouse is on its knees as farmers take to the streets because the government intends to raise taxes on their activities and set what they say are fair prices for their produce.
“Farmers do not need subsidies. At some point, subsidies were introduced from Brussels, Berlin, Hannover (the capital of Lower Saxony). Farmers want fair prices for their products, and we want to be able to live. Subsidies always have consequences.”explains one of the farmers.
More than 10,000 farmers with 5,000 tractors and 2,000 trucks are participating in the demonstration.
German economists talk about an artificial recession and link it to the pandemic, the war in Ukraine and insecurity due to the conflict in the Middle East.
Soaring energy and food prices have caused industrial production to fall for the sixth month in a row.
In 2023, the German economy contracted by 0.3% year on year.
The International Monetary Fund predicted that Germany would be the only G7 country whose economy would contract in 2023.
Germany’s economic growth has come to the brink of recession, and many are saying that the country may turn to financial assistance in the near future. EU.
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