Saudi Ministry of Education to showcase innovations at 2025 Geneva International Exhibition    7,523 violators of residency, labor, and border security laws deported in a week    Video contradicts Israeli army account of deadly March 23 strike on Gaza paramedics    Saudi Arabia spends over $241 million to implement de-mining projects in 3 countries    Italy's Meloni government approves controversial security decree expanding police protections and penalties    Egypt submits new Gaza ceasefire and prisoner exchange proposal: Report    'Everything is possible' — Ronaldo focused on titles, not 1,000-goal milestone after Riyadh Derby win    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    King Salman Global Academy for Arabic Language launches program with Indiana University    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Germany unveils new $66b stimulus package
Published in The Saudi Gazette on 14 - 01 - 2009

Germany unveiled a new 50 billion euro ($66 billion) stimulus package on Tuesday to shield its economy from the worst recession since World War Two and silence critics who have accused it of doing too little to boost growth.
Chancellor Angela Merkel's “grand coalition” of conservatives and Social Democrats (SPD) agreed to billions of euros in new investments in infrastructure, modest tax cuts and state guarantees for struggling German firms.
Economists welcomed the package but said it was unlikely to have more than a marginal effect on Europe's largest economy, which fell into recession last year and is expected to contract by 2 percent or more in 2009, its worst post-war performance.
“A government growth program like this, combined with measures taken in neighboring countries, cannot prevent recession but can limit its severity. That is the goal,” German Finance Minister Peer Steinbrueck told reporters.
The performance of the German economy and success of the stimulus package will be crucial to Merkel's re-election hopes in September's federal vote.
Merkel's government pushed through a package valued at 31 billion euros late last year, but new government spending accounted for only about a third of the total, opening Berlin up to criticism from other European countries.
French President Nicolas Sarkozy last month accused Berlin of “thinking” while Paris was “working”.
At first, Merkel denied there was any need to do more, a stance that earned her the nickname “Madame No”. But she changed tack last month and entered talks with her coalition partners on a new package.
“The reality is that the world has changed, it has changed dramatically over the past months,” Merkel said on Tuesday when asked about her government's reversals.
Her Foreign Minister Frank-Walter Steinmeier, an SPD leader who will challenge Merkel in September's election, said: “When I look around Europe I can't see that anyone else is doing more or taking better steps than we are.”
Central to the new package, which is worth a total of 49.245 billion euros over two years, is about 18 billion euros in new investments in infrastructure and education which the government hopes will save jobs. The package also envisages 1.5 billion euros in aid for the auto industry and a fund of 100 billion euros to provide credit guarantees to struggling businesses.
Germany's VDA auto association welcomed the stimulus plan, saying it would give a boost to domestic carmakers like Daimler and BMW, which have seen sales plunge.


Clic here to read the story from its source.