Germany launches 32 billion plan to boost economy until 2028
The German government has presented a package of 50 fiscal measures, with an estimated impact of 32 billion euros, aimed at boosting activity in Europe’s largest economy over the next four years, as announced by the chancellor, Olaf Scholz, and the ministers of finance, Christian Linder, and economy, Robert Habeck.
At the conclusion of a two-day meeting of the Council of Ministers at Meseberg Castle on the outskirts of Berlin, the three representatives of the coalition government presented a 10-point plan with around 50 measures aimed at improving the growth and competitiveness of businesses in Germany and offering tax incentives for investments in climate-friendly technologies.
“We are on the move,” said Chancellor Olaf Scholz at the final press conference, shared with his finance and economy ministers, in which he acknowledged that Germany is in a situation where growth “is not as strong as we would like it to be”.
“That’s why we want to contribute to further growth with these measures and we encourage companies to invest now to make this possible,” he added, noting that the measures provide around 7 billion euros for economic growth and 2.3 billion euros less for the easing of bureaucratic requirements.
As such, the package of measures announced is structured around ten points: Growth Opportunities Act; Future Finance Act; Climate and Transformation Fund; Accelerating planning and approval processes; Cutting red tape; Ensuring secure and affordable energy; Advancing digitalisation; Skilled workers for Germany; Promoting the future; Trade agenda and commodity supply.