Are the Germans right to “panic”?

A kind of “panic” can be observed in Germany: the household savings rate has risen sharply and there is a very large fiscal surplus , which indicates concern about the future. Is this concern justified? Perhaps: Germany’s cost competitiveness has declined due to weak productivity gains; Germany’s productive specialisation risks becoming a hindrance, as it is specialised in “old industry” and the world is becoming a service economy; Germany’s potential growth is low, sustained merely by immigration.