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Finance minister Klingbeil pledged to promote investment in Germany
On Tuesday, German Finance Minister Lars Klingbeil promised to take swift measures to stimulate investment in the face of global trade uncertainty.
To revive the country's economic growth, the government plans to implement tax reforms, allow depreciation of up to 30% over the next three years, and establish an infrastructure fund of 500 billion euros ($566.71 billion). Klingbeil called it "the largest modernization effort in decades".
The government has also promised to reduce bureaucratic burdens and aims to cut administrative and compliance costs by 25% and 10 billion euros ($11.33 billion), respectively.
According to Reuters, Germany was the only G7 country whose GDP did not grow in the past two years. US President Donald Trump's import tariffs could further undermine its export-oriented economy.
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