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Lars Klingbeil: Germany will ramp up domestic investment for economic modernization
FRG will increase domestic investments to 110 billion euro ($124.3 billion) this year as part of efforts to modernize its economy and stimulate growth, said German Finance Minister Lars Klingbeil.
The official stated that the government intends to implement comprehensive structural reforms and maintain strict budget consolidation.
According to Reuters, Germany's domestic investments came in at around 75 billion euro ($84.7 billion) last year.
Germany's new coalition government plans to increase defense and infrastructure spending, a move that Klingbeil says will stimulate economic growth and provide additional jobs.
In 2025, investments will be allocated from Germany’s core budget and a special modernization fund for outdated infrastructure, Reuters reports.
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