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Sholz claims Germany can counter an economic crisis
German Finance Minister Olaf Scholz said on Wednesday that Europe’s largest economy would be able to counter an economic crisis if there one.
“We are all prepared because we have decent financial resources so if there is an economic crisis, we can take countermeasures but at the moment, we’re only seeing slower growth,” Scholz told public broadcaster ARD.
He further said that if a crisis as serious as the one that occurred in 2008/2009 were to appear on the horizon, Germany would be “able to do everything that is necessary”. However, he added that he did not foresee such a scenario – referring to forecasts pointing at an improving economy.
Many economists expect the economy to fall in to recession during the third quarter after it had contracted in the second. On Wednesday, Germany’s leading economic institutes are expected to lower their growth forecasts for this year and the next.
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
China’s industrial firms had seen an increase in profits for two consecutive months. This came as the most rapid pace ever recorded in over a year, suggesting that the country’s recuperation from the novel coronavirus pandemic ...
On Monday, Deutsche Bundesbank’s President Jens Weidmann said in a newspaper interview that Germany would toughen its auditing and accounting regulations to prevent another scam like the Wirecard scandal. Wirecard AG (WDI), a financial ...
Financial markets saw record heights earlier on Friday, with the Euro continuing its 21-month gain streak and gold prices hitting its highest level amid a weakened Dollar. The Euro soared above the Dollar by 1.7%, trading at $1.1616 for the ...
The Dollar traded lower earlier on Friday in Asia, continuing its descent from the previous session as the U.S. struggles to curb the rapid increase of COVID-19 cases in the country. In addition, recent data showing an unexpected rise in unemployment ...
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