Germany will take a model new technique to its economic protection amid “struggles” and “headwinds,” the nation’s properly being minister instructed CNBC Wednesday in Davos.
There are rising concerns in regards to the state of the German economic system after some newest disappointing information prompted fears of a recession. Earlier this month, the Federal Statistics Office acknowledged that Germany grew 1.5 p.c in 2018. In 2017, it grew 2.2 p.c. The newest numbers confirmed the weakest progress cost in 5 years.
“We are still in a very, very good shape economically,” Jens Spahn, minister of properly being for Germany instructed CNBC on the World Economic Forum.
“As always after very good years there might be some struggles, some headwinds ahead. And that is what we see right now,” Spahn, who beforehand labored inside the German finance ministry acknowledged.
“Now actually we need to support growth…we want to cut taxes, for example, we want to invest more in infrastructure, into the digitization of the society, broadband, 5G, and the health sector,” he added.
Over the ultimate couple of years, Germany has been criticized for its funds surplus at a time when the rest of Europe was struggling. There have been repeated calls, along with from the International Monetary Fund (IMF), arguing that Berlin ought to spend further.
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