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Mon, Oct 07, 2024 | Rabiʻ II 3, 1446 | DXB 
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Germany's economic model is not broken: Finance minister
But Europe's biggest economy has lost competitiveness for about a decade
- Reuters
- Updated: Mon 7 Oct 2024, 5:42 PM
Christian Lindner says the government is introducing supply-side measures to return to growth. — Reuters
Germany's economic model is not broken but Europe's biggest economy has lost competitiveness for about a decade, German Finance Minister Christian Lindner said on Monday.
"We can't be satisfied with the economic developments in Germany," he told journalists ahead of a Eurogroup meeting.
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The German economy is expected to contract by 0.2 per cent in 2024, an economy ministry spokesperson said on Monday, cutting the forecasts from a previous projection of 0.3 per cent growth this year.
Lindner said the government is introducing supply-side measures to return to growth.
"After these reforms, Germany will have more competitiveness again," Lindner said, adding that the growth initiative is just a first step for an economic turnaround, "but we have to build on it."
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