Once a cornerstone of stability in Europe, Germany has recently seen a slump. Geopolitical concerns, supply chain interruptions, and growing energy costs are some of the factors causing this economic burden. Key sectors that have historically supported Germany's economic strength, such as manufacturing and exports, have been under pressure as a result of these difficulties. Christian Sewing, the CEO of Deutsche Bank, has now proposed a fix for the sluggish German economy. He has urged Germans to work harder to help restore the country's economy.
"Investors are already doubting our ability to reform, but especially our ability and our will to perform," Sewing said at the Handelsblatt banking summit in Frankfurt.
"More growth in Germany will come only if we also change our attitude to work; if we are prepared to work differently, but overall to work more and harder."
According to The Fortune Magazine, Sewing is right to point out the disparity in EU and German working hours. Official data from 2023 suggest that the bloc's average weekly work time is 36.1 hours, while Germany's is only 34 hours.
Other European countries exceed the regional average, such as Greece, where the work week lasts 39.8 hours. Workers at Germany's industrial competitor, the US, labour for 36.4 hours on average-closer to the EU average.
Sewing has led the German banking giant since 2018 and has urged policy-level changes in the past to prevent the country from becoming called "the sick man of Europe." Now, he says investors are beginning to question the country's ability to fight back.
"Investors have been telling us for more than a year that they doubt Germany's and Europe's ability to perform, and even worse, the will to perform," Sewing said. "We simply have to tell our fellow citizens that we have to do more again."
