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Germany: ‘No need’ for growth package yet despite recession fears, Merkel says

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German Chancellor Angela Merkel commented on the growing fears of economic recession at a reader’s forum for the ‘Ostsee-Zeitung’ (Baltic Sea Newspaper) in Stralsund on Tuesday, a town which is part of her electoral constituency.

“We will act according to the situation but not doing the third step before the first. This means we are looking into it, so far there is no need for an economic-growth package, but there is a need for a continuous investment,” Merkel said.

Merkel also touched on the various factors leading to the slowdown, saying “due to different developments, we are entering into a more difficult phase. One is the international trade conflicts, which hits us because we are an export nation. Secondly, in a key area of the automobile industry, many mistakes were made.”

Quarterly gross domestic product figures for the country are due on Wednesday, but many experts reportedly predict that the economy shrunk by 0.1 per cent, a significant drop from the previous quarter’s 4 per cent expansion. Exports also reportedly fell by 8 per cent in the last year.

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