• Mon. Feb 26th, 2024

German Finance Minister Calls for Urgent Reforms to Boost Competitiveness Amid Sluggish Growth

ByEditor

Feb 13, 2024
Germany’s economy is not in good shape, says finance minister

German Finance Minister Christian Lindner spoke on Monday about the urgent need for structural reforms to strengthen Germany’s competitiveness. Despite being considered healthy, Germany’s 0.9% expected economic growth remains well below the 1.4% average for advanced economies in 2024. This is due to high energy costs, weak global orders, and record-high interest rates.

Lindner emphasized that although the German economy is not sick but merely unfit, it needs improvement. He also highlighted that Germany was referred to as a “tired man” in need of structural reforms during the World Economic Forum in January, and he specified that the country needs to reduce red tape, attract workers into the labor market, and mobilize private investment.

In addition to emphasizing the need for domestic reforms, Lindner also highlighted the importance of creating a single capital market for private investment in the European Union. He believes that this is a more viable solution than continually providing subsidies, as it is unlikely that any economy can sustain extensive subsidy payments. By addressing both domestic and international challenges, Lindner hopes to revitalize Germany’s economy and ensure its continued success in the global marketplace.

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