CAPTION: German chancellor Angela Merkel. (picture alliance/Michael Kappeler/dpa/archive)
Chancellor Angela Merkel sees great challenges ahead for Germany's economic development in view of the gloomy global economic outlook. Germany is currently in a "pretty good" economic position, the leader of the conservative Christian Democratic Union said. "At the same time, however, we know that the global environment is experiencing a downturn and a lot of challenges have to be overcome, and that is why we must of course be careful to ensure that the upswing that has lasted for 10 years really continues.”
Next Wednesday, the German Council of Economic Experts, an independent body that advises policymakers, will present its annual report on macroeconomic developments. The German government and leading institutes recently lowered their growth forecasts for the current and coming year. One reason is the gloomy global economic climate, which is weighing on German exports.
Merkel said that on the one hand Germany is very strong when it comes to exports, but on the other hand economic development had also gained momentum due to domestic political decisions and an increase in consumption. Unemployment is at the lowest level since 1980. The chancellor cited digitalization as the greatest future challenge. Merkel also referred to the coalition's plans for tax incentives for small and medium-sized enterprises.
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