German Finance Minister Olaf Scholz said the country is well prepared to counter an economic crisis. He told public broadcaster ARD, “we are well 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.”
He also pledged that the government would be “able to do everything that is necessary” if a crisis emerges like that in 2008/2009. Though, he didn’t see such a scenario.
Recent data suggested that slowdown in the economy continued in Q3. Germany should have been in recession already after two quarters of GDP contraction since Q2.
