Chancellor Friedrich Merz's recent speech highlighted ambitious reforms necessary to revive Germany's economy, which has faced recession due to factors like high energy costs and a manufacturing slump. He proposed initiatives to improve competitiveness, such as corporate tax cuts, substantial infrastructure investments of â¬150 billion, and reducing red tape. Additionally, he emphasized collaboration with the U.S. to mitigate trade disputes. However, challenges, including an aging population and labor shortages, remain significant hurdles to economic recovery.
"We will do everything we can to put Germany's economy back on the path to growth," he said. "We can, through our own efforts, became a growth engine once again that the world looks up to with admiration."
The economy has been hit by a manufacturing slump, high energy costs triggered by Russia's invasion of Ukraine and weak demand in key export markets, particularly China.
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