The decade began under the impact of the financial crisis following the Lehman bankruptcy, the euro crisis, the ECB's bond programs, low interest rates and low inflation. Unfortunately, however, it was also characterized by the rise of racist populist movements and parties, right-wing violence and even the murder of the Kassel district president and the anti-Semitic attack in Halle.

Finally, at the end of 2019, the focus was on reports about the economic slowdown. All you have to do is turn on the radio or open the newspaper: Germany has narrowly avoided a recession. Many companies are experiencing tense times, protectionist trade conflicts are causing them problems, plus the never-ending story surrounding Brexit, which all adds up to a sluggish global economy. German mechanical engineering companies are feeling the effects in their order books, and the automotive industry is also in upheaval. There are plenty of warning signs, such as hiring freezes and short-time working.

But despite everything, it must be emphasized that we also have a decade of economic prosperity behind us. Germany developed from the "sick man of Europe" to the economic anchor of stability in the eurozone. Not so long ago, companies could no longer accept orders because they were working at full capacity. And since we are still talking about economic cycles, it should come as no surprise that years of growth are followed by a slowdown.

In addition, digitalization and the urgent need for a more environmentally and climate-friendly economy are putting existing business models to the test. Companies are facing the challenge of mastering this change. But I also see many reasons for optimism here. As we recently saw at the SPS trade fair in Nuremberg and as the reports in this issue once again show, many companies are excellently positioned for the tasks ahead. And even critics of growth cannot ignore the fact that the energy transition, expansion of bus and rail services, ecological agriculture and resource-conserving production primarily require bold investments, i.e. growth. There has always been change, and without the ability to change, Germany's economy would not be what it is: an innovative and global player.

From the handling editorial team, we wish you a Merry Christmas and a Happy New Year.

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Annina Schopen

Editor handling