That means to slide or to crash.

Deutschland schmiert wirtschaftlich ab – Germany is sliding down the economic slope.

Economically, Germany can no longer keep up with the USA, Scandinavia and Western Europe.

According to a study by the “Stiftung Familienunternehmen” (Family Business Foundation), Germany is slipping dramatically in terms of competitiveness: among 21 industrialized nations, Germany now ranks only 18th!