Germany's leading economic institutes on Wednesday slashed their growth for...
BERLIN - Germany’s leading economic institutes on Wednesday slashed their growth forecasts for Europe’s biggest economy for this year and next, blaming weaker global demand for manufacturing goods and increased business uncertainty linked to trade disputes.
The institutes also called on Chancellor Angela Merkel’s right-left government to ditch its budget policy of incurring no new debt if the growth outlook deteriorates. “I stick to my position that a debate about the ‘black zero’ now is the wrong subject at the wrong time,” Altmaier said. The government should instead help companies by reducing taxes and contributions to the social security system, he added.
“It would be fundamentally wrong to stick to the ‘black zero’ policy,” said DIW economist Claus Michelsen, referring to the self-imposed goal of keeping a balanced budget. Merkel’s centre-right party on Monday vowed to stick to its policy of no new debt, despite growing pressure at home and abroad for the government to borrow and invest. [nL5N26L4SA]
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