German economy shows more signs of weakness: May corporate bankruptcies soared by nearly 31%, approaching a 7-year high point

The number of bankruptcies in Germany in May increased by nearly one-third compared to the same period last year, with the potential to surpass the level in 2017. The German economy is stagnating, with GDP unexpectedly shrinking in the second quarter, and the annual growth rate is expected to be only 0.1%. Warning signals of corporate bankruptcies are increasing, with the total expected to exceed 20,000 for the first time. The deteriorating business prospects in Germany have heightened concerns about economic recovery. The business climate index is declining, making economic recovery difficult. German industrial production is weak, with foreign demand falling short of expectations, putting pressure on the export powerhouse. German exports have declined, mainly due to weak demand from the United States and other EU countries