Germany’s current account surplus shrank but remained by far the world’s largest last year due to strong exports, according to data from the Ifo institute on Tuesday that is likely to renew criticism of Chancellor Angela Merkel’s fiscal policies.
The German economy may only grow by 0.7 percent this year if exports to Britain drop by 10 percent and if there is additional turbulence on capital markets, it may only expand by around 0.5 percent, the DIHK Chambers of Industry and Commerce said.
German Chancellor Angela Merkel said on Tuesday that her country would withdraw from coal-fired power production by 2038, showing her support for the deadline recommended by a government-appointed commission.
German Chancellor Angela Merkel has suggested that the European Union and Britain could find a solution to the current stand-off over their Brexit agreement, calling for a "creative" compromise to allay concerns over the future of Irish border arrangements.
Germany faces a €2-billion ($29 billion) budget shortfall by 2023, unless it tightens spending, as tax revenues are set to fall and public sector wages are on the rise, Bild newspaper reported, citing an internal government document.
Germany should shut down its last coal-fired power plant by 2038 at the latest, a government-appointed commission said early on Saturday as part of a roadmap laying out an accelerated phase-out of the polluting fuel.
Germany and China on Friday signed agreements to strengthen coordination in banking, finance and capital markets, and pledged to further open market access and deepen their pragmatic cooperation to broaden economic ties.