12/27/2023 0 Comments New us army main battle tankGermany should thus comply with its constitutional “debt break” which limits new annual borrowing to 0.35 percent of gross domestic product a year, according to the draft.Īfter being suspended from 2020 as Germany spent huge sums to tackle the coronavirus crisis, the budget rule came back into force this year.īut to ensure that the 2023 budget complied with the debt break, the government has had to resort to creating several special funds that are outside the official budget. The reduction in new borrowing is even more drastic, with 16.6 billion euros planned for next year compared to 45.6 billion in 2023. There have been drawn-out negotiations in the three-party ruling coalition over the budget due to cost cuts demanded by Finance Minister Christian Lindner, from the pro-business FDP party, but the cabinet is finally due to approve it Wednesday.Įurope’s biggest economy, which fell into recession at the turn of the year, is forecasting spending in 2024 of 445.7 billion euros ($486.2 billion), compared to 476.3 billion planned for this year. Germany plans to cut spending and borrowing substantially next year following massive outlays during the coronavirus pandemic and energy crisis, a draft of the budget showed Monday.īut the defense budget will hit a record high, and is expected to reach the two-percent NATO spending target, as Berlin invests in overhauling the military in response to Russia’s invasion of Ukraine, it showed.
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