Chamber of Commerce President: Reform Promises Not Fulfilled - Hamburg’s economy resists Germany’s downturn—but for how long?
Hamburg faces economic challenges as Germany’s wider crisis takes hold. Yet the city’s strong industrial base and stable political leadership offer some protection. Local businesses, however, remain cautious about the future.
According to Norbert Aust, president of the Hamburg Chamber of Commerce, the federal government’s response has fallen short. He warned that recent trade deals with the US have left Europe at a disadvantage, adding to the strain on companies.
Since March 2025, Hamburg has been governed by a coalition of the SPD and the Greens. The alliance, led by First Mayor Peter Tschentscher, secured a majority in the Bürgerschaft elections with 33.5% and 18.5% of the vote respectively. Their policies focus on long-term investments, including a €500 billion debt-financed fund for climate neutrality by 2040 and social housing initiatives.
Despite this stability, Aust has criticised the federal government’s handling of the crisis. He argued that the special fund should be used exclusively for investments rather than short-term fixes. His concerns come as businesses across Hamburg cut back on spending, with only one in five expecting conditions to improve soon. Aust also stressed the need for closer collaboration between politicians and business leaders. While Hamburg’s diverse economy provides a buffer, he warned that no region would escape the downturn completely. The city’s resilience, however, puts it in a better position than many others to weather the storm.
Hamburg’s government continues to push for infrastructure and climate projects, aiming to strengthen the local economy. But with businesses scaling back and external trade pressures mounting, recovery will depend on both policy decisions and market conditions. The coming months will test whether the city’s advantages can offset the broader economic slowdown.
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