October 2, 2019 / 10:13 AM / 2 months ago

Germany is not facing an economic crisis: minister

FILE PHOTO: Employees of German car manufacturer Porsche work on a sports car at the Porsche factory in Stuttgart-Zuffenhausen, Germany, January 26, 2018. REUTERS/Ralph Orlowski/File Photo

BERLIN (Reuters) - Germany’s economic growth outlook is clouded by trade disputes and Brexit uncertainty but there is no economic crisis right now which means Berlin should stick to its fiscal policies of not incurring new debt, the economy minister said on Wednesday.

“We currently don’t have an economic crisis, there is no risk of an economic crisis,” Peter Altmaier told reporters after economic institutes slashed their GDP growth outlook and recommended Berlin should ditch its ‘black zero’ budget policy if the growth outlook deteriorates further.

“I stick to my position that a debate about the ‘black zero’ now is the wrong subject at the wrong time,” Altmaier said, adding that the government instead should help companies by reducing corporate taxes and other contributions to the social security system.

Reporting by Michael Nienaber, editing by Riham Alkousaa

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