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"For inclusive growth in Germany and Europe": the Federal Government's 2017 Annual Economic Report has been adopted

2017-01-25 10:39:21

BMWi - Federal Ministry for Economic Affairs and Energy - "For inclusive growth in Germany and Europe": the Federal Governments 2017 Annual Economic Report has been adopted

"For inclusive growth in Germany and Europe": the Federal Governments 2017 Annual Economic Report has been adopted

The federal cabinet adopted today the 2017 Annual Economic Report entitled "For inclusive growth in Germany and Europe".

"The German economy is in very good shape. The Federal Government expects the growth trend to continue this year with a 1.4 % increase in the price-adjusted gross domestic product. The slight fall-off in the rate of growth compared with last year is largely due to the effect of a smaller number of working days this year. The growth is "growth for all", "inclusive growth". Despite the remarkably good economic situation, many people are concerned about their own economic future, and also about society as a whole. The policy-makers response to this must be to strengthen cohesion, to enable people to participate, and to put them in a position to take responsibility for living their lives.

At the same time, real net wages and salaries per employee have increased by more than 1.5 % a year in real terms since 2013. In 2017, an average employee will have more than €2,000 more in his or her pay packet than when this government took up office. The minimum wage has also improved the income situation of four million low-paid workers - and thus the preconditions for inclusive growth. Many low-earners in particular have been able to move into regular employment requiring compulsory social insurance payments.

However, we cannot relax in view of this good development. Rather, we now need to put the correct policies in place for the future. Digitalisation is bringing about a phase of fundamental change. We cannot afford to stand still and just focus on saving money. We need to make fresh efforts: we can only win the future if we launch a massive, bold investment package. In a time budgetary surpluses, when we have financial scope to act, we need to give priority to investment. That is the only way to safeguard Germanys future competitiveness."

A sustainable and forward looking economic and fiscal policy must keep its focus on laying the foundations for tomorrows prosperity. These include the challenges of demographic change to our fiscal viability and the maintenance and expansion of our public infrastructure. Since 2014, the Federation has not taken on any new debt. At the same time, the Federal Government is particularly using the scope available to it to undertake additional investment. In total, federal investment has risen by well over a third since the beginning of the legislative term, to €36.1 billion in the 2017 federal budget. The federal budget itself only rose by just under 7 % in the same period. Also, the Federal Government has done a lot to lessen the burden on the Länder and municipalities.

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