Sholz claims Germany can counter an economic crisis

Sholz claims Germany can counter an economic crisis

German Finance Minister Olaf Scholz said on Wednesday that Europe’s largest economy would be able to counter an economic crisis if there one.

“We are all prepared because we have decent financial resources so if there is an economic crisis, we can take countermeasures but at the moment, we’re only seeing slower growth,” Scholz told public broadcaster ARD.

He further said that if a crisis as serious as the one that occurred in 2008/2009 were to appear on the horizon, Germany would be “able to do everything that is necessary”. However, he added that he did not foresee such a scenario – referring to forecasts pointing at an improving economy.

Many economists expect the economy to fall in to recession during the third quarter after it had contracted in the second. On Wednesday, Germany’s leading economic institutes are expected to lower their growth forecasts for this year and the next.