Germany could be in bad shape, not just cyclically but also structurally

Germany’s cyclical prospects are poor. But its structural prospects are also poor, given its : L oss of cost competitiveness and declining profitability; Slow corporate investment growth ; H igh weight of “old industry” ( cars , intermediate goods); E xcess savings invested primarily in bonds in other countries; Weak productivity growth, even in manufacturing industry; H igh weight of industry when, globally, demand for industrial products is weakening.