IHK: Economic year 2025 started without momentum

Risk number 1: high labor costs

According to the survey, high labor costs, also as a result of increased wages, are cited as the main burden. They have displaced high energy prices from first place in the ranking of business risks, according to the report. The risk of weak domestic demand is now also considered to be greater. In addition, export-oriented companies see themselves under pressure from growing protectionism.

The gloomy outlook has consequences for companies' willingness to invest and hire new employees, according to the data. While 16 percent want to invest more, 27 percent would like to reduce such expenditure, it said.

Many companies are also cautious when it comes to personnel planning. Only 15 percent want to increase their staff in the coming months, while 23 percent expect to reduce their workforce. There is still a shortage of specialists and workers. "However, the economic environment, the high cost burden and declines in demand require personnel adjustments," according to the chambers.