No major economy depends on exports as much as Germany does. And the country’s exports are slowing. Alexander Hinterkopf, a maker of digital industrial printers, built his business through regular trips from the company’s German headquarters to big markets around the world. But in recent months his travels have been less fruitful. “The environment can be summed up in one word — uncertainty,” says the Baden-Württemberg-based businessman. “Uncertainty is never a good thing in business, it means you always postpone decisions. Since the summer, I’ve been to China three times, and each time customers come up with another reason to postpone.” After a decade of boom, a darkening political climate is beginning to cloud the international economic outlook. The global economy is forecast to grow less than 3 percent for the first time since 2009 in 2019, according to Consensus Economics, which polls economists worldwide. Germany, the world’s fourth-largest economy, with an export machine of 1.6 trillion euros a year, is among those most exposed. “To invest in a big new machine … businesses need to be able to tell themselves a story about how good the economy is going to be over the next two to three years,” says Hinterkopf. “Instead we have a trade war between the world’s two biggest powers. And Europe has its own problems.” |