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Germany doesn't need stimulus, it's not in recession, finance minister says

Germany doesn't need stimulus, it's not in recession, finance minister says
German Finance Minister Olaf Scholz attends a eurozone finance ministers meeting in Brussels, Belgium November 7, 2019. REUTERS/Johanna Geron   -   Copyright  JOHANNA GERON(Reuters)
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BERLIN (Reuters) – Germany is not close to a real recession but is undergoing a period of slower growth, Finance Minister Olaf Scholz told Euronews in an interview, adding that settling “man-made” global trade tensions would help boost the economy.

Asked about calls made by some economists and politicians for Germany to spend to revive a flagging economy, Scholz said that with employment at record levels and some sectors facing capacity constraints, there was no case for extra stimulus spending.

“There is an all-time high of employment and there are a lot of branches that are looking for skilled labour,” he said in comments published on Friday. “We have a very expansionary financial policy and an all-time high of public investment.”

(Reporting by Thomas Escritt; editing by Thomas Seythal)

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