Posted 3/18/2024, 1:34:00 PM
Germany's Economic Crisis Sees Biggest Drop Since WWII, Fuels Far-Right Gains
- German living standards in 2022 saw the biggest collapse since WWII, with real wages dropping 4% and economic output falling 4.1% from pre-crisis forecasts
- The energy price spike caused by Russia's invasion of Ukraine is blamed for the economic crisis
- The collapse coincided with rising popularity of the far-right AfD party
- Germany entered a likely technical recession at the end of 2022 and start of 2023 with two quarters of falling output
- Economists say delayed implementation of an energy price brake led to the AfD surge in summer 2022