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Countries have been facing strong headwinds in Germany and practically all countries, at least in the larger economies. But European economies seem to be a bit better positioned than their peers in other parts of the world. Just wait what happens in China if domestic consumption doesn't get up soon. The country is facing its first asset investment decline in 30 years, its domestic property market - usually contributing ~20 percent of the country's GDP - has been increasingly facing troubles with bankruptcies of companies that were once seen as 'role models' for China's economic strength.
The current issues in Germany and Europe are strong reason for a further de-risking policy and a re-industrialization, producing more on the continent rather than betting in cheap imports.
Just imagine the war in Ukraine ends. That would mean less investment into military and more in civilan production to rebuilt Ukraine. Maybe more importantly though, the EU can stand up to the US much more easily, if Russia is no longer such a big problem. This would be especially usefull for improving the Euro vs the USD.
The Russian war machine is up and running. The war must not end for them. If they win Ukraine further war is coming. If they lose, further war is coming. If their economy collapses they may stop. But transitioning to peace is difficult.