Supply chain problems could also slow down industry in 2023

Container processing in the port of Hamburg

German GDP is also suffering from the global supply chain problems.

(Photo: dpa)

Washington, Berlin The supply chain problems in the industry have slowed down the economy in the euro zone significantly in the past year. This is the conclusion reached by experts from the International Monetary Fund (IMF). With normal deliveries of components and raw materials, industrial production could have been around six percent higher, and gross domestic product two percent higher. Germany was hit harder than average as an industrialized country, as was the Czech Republic, where many car manufacturers produce and suppliers are based.

The omicron wave is causing new uncertainty, emphasized the IMF– Experts on Thursday. It is possible that the supply chain problems could have an impact by 2023. So far, many experts expect that the problems should be resolved in the course of 2022.

However, many of the causes are likely to be of a temporary nature: shutdowns, storms or accidents in factories. More problematic is the shortage of skilled workers, which will have an impact for years to come. But he only explains ten percent of the supply chain difficulties, he said IMF. The state should secure jobs that are important as soon as the current problems are overcome.

Half of the last soaring producer prices could have been avoided with smooth trade, the IMF calculated. The rest is mainly due to increased demand. In Germany, producer prices for commercial products had recently shot up by an average of 24.2 percent, the strongest increase since the survey began in 1949.

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