Sewing Urges Longer Workweeks as Germany Struggles With Economic and Political Instability
Frankfurt, Germany– Deutsche Bank CEO Christian Sewing has urged Germans to work harder and longer in a bid to revive the country’s struggling economy. Speaking at the Handelsblatt banking summit in Frankfurt on Wednesday, Sewing emphasized that the current work culture needs reform if the country is to regain investor confidence.
“More growth in Germany will come only if we change our attitude to work,”
Sewing stated. He highlighted the fact that the average workweek in Germany is just 28 hours, compared to 34 hours across the EU, arguing that thr country cannot sustain its economy with a shorter workweek and early retirement at 63.
Economic Challenges Looming
Sewing’s comments come on the back of worrying economic indicators. The country’s economy shrank in the second quarter of this year, and the manufacturing PMI — a key measure of industrial activity — has been in negative territory for over a year. Meanwhile, Volkswagen, one of the country’s flagship automakers, recently hinted at the possible closure of a factory, an unprecedented move for the company.
Political Instability Worries
Sewing also expressed concern about the rise of far-right parties in recent regional elections, warning that political instability could deter future investment in the country.
“The strong influx of support for parties with extreme positions threatens our attractiveness as an investment destination,” he said, noting that political stability had long been a major factor in drawing investors to Germany.
With investor confidence in doubt and economic pressures mounting, Sewing’s call for a shift in work culture signals a broader conversation about the country’s path forward.
Join our Channel...