The head of the Luxembourg Employers' Association (UEL) has voiced concerns over the country's economic trajectory, suggesting that it is inching closer to a recession due to stagnating productivity.

This stagnation, according to UEL Director Jean-Paul Olinger, is exerting a detrimental impact on Luxembourg's competitiveness, a critical factor for its economic vitality.

In an interview with our colleagues from RTL Radio on Monday, Olinger highlighted a tense atmosphere prevailing across various sectors in Luxembourg. He stressed the need for tax relief measures to bolster the economy, enhance Luxembourg's attractiveness to investors, and foster job creation.

Olinger expressed his discontent, stating, "Companies are not responsible for inflation, yet they bear the brunt of its financial consequences."

RTL

© RTL

Compared to other EU nations, employees in Luxembourg tend to work fewer hours overall. For this reason, the UEL opposes a general reduction in working hours and instead advocates for greater flexibility in work schedules.

While refraining from endorsing any specific political party, the employers' representative pointed out that the programmes of the Democratic Party (DP) and the Christian Social People's Party (CSV) align more closely with the UEL's economic vision.