Germany approved a $29 billion economic stimulu package intended to target specific industries in the nation.
NY Times: The German government approved a stimulus package of 23 billion euros, or $29 billion, on Wednesday in a bid to unlock more than twice that amount in investments and help the country, the world’s biggest exporter, weather a global slowdown.
The package, which amounts to about 2 per cent of Germany’s gross domestic product, includes tax breaks on purchases of cars, loans to small and medium-size businesses and money for roads and railways.
But some economists warned that the measures could prove too modest. While big enough to risk pushing back the government’s goal to balance the budget in 2011, the spending may still be too small to significantly dent the effect of falling demand at home and abroad.
…Consumers can look forward to a one-year tax holiday for new cars and subsidies for certain household repairs, especially those enhancing the energy efficiency of buildings. Companies will receive assistance from measures aimed at easing access to credit and from government plans to bring forward infrastructure investments.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.