Germany's Scholz says globalisation's phase of low prices is over

The phase of globalisation during which prices were low is over, German Chancellor Olaf Scholz said on Wednesday.

"I assume that the phase of globalisation is over during which everything is cheap because only a small part of the market is being served by the rest of the world," he told lawmakers in the German Bundestag lower house of parliament.

"The progress of the last 30 to 40 years was also that many countries have caught up so much that they are now also customers competing with us for scarce goods," he added.