Despite the German government’s substantial downward revision of its predicted economic growth for the coming year, Finance Minister Michael Glos maintained his optimism, yet urgently called for swift action to cut taxes in order to kick-start the flagging German economy.
Although the German Finance Minister gave his assurance that the rescue package, drawn up by the government and the EU, would insulate against the effects of the escalating international financial turmoil, he emphasised a pressing need to implement comprehensive tax breaks, designed to relieve both individuals and businesses alike of their tax burden, thereby increasing spending and strengthening the economy.
During his presentation of the government’s autumn prognosis in Berlin, Glos revealed revised 0.2% expected growth for 2009, a dramatic 1% reduction from the predicted 1.2% announced earlier in the year. Even though the expected rate of growth for 2008 remains at 1.7%, this is significantly down on last year's growth of 2.5%.
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