Börse Express – dpa-AFX Overview: Economy as of October 22, 2024

News report: International Monetary Fund: The global economy is stable – the German economy is weaker

Washington – The International Monetary Fund lowered its economic growth forecasts for Germany. Next year, German economic output will grow by just 0.8 percent, 0.5 percentage point lower than expected in July, according to International Monetary Fund forecast data published in Washington. The IMF's outlook for the global economy is somewhat better – although not rosy. It is expected to grow by 3.2 percent this year and next. The International Monetary Fund describes the global outlook as “stable but not overwhelming” and warns of uncertainties and risks.

Round 3: The economy demands – and Schulz promises

BERLIN – Rainer Dolger, the boss of employers, sees policy trends to revitalize the battered economy – but he believes it will take a lot. “The more expensive the investment location, the better. This is no longer the case in Germany,” warned the head of the Federation of German Employers' Associations (BDA) at an employers' day in Berlin. What is required is to reduce bureaucracy, establish balanced social systems, and more digital transformation.

The construction of a nationwide hydrogen backbone network has been approved

BERLIN – The Federal Network Agency has given the green light to build important hydrogen pipelines across Germany. This was announced by Federal Energy Minister Robert Habeck (Green Party) at a press conference in Berlin. “Today the basic hydrogen network has been identified. It has not been completed yet, but it will be built now,” he said. From idea to approval, only two and a half years passed. This was “record-breaking,” the Green politician praised. Construction should begin gradually, and sections should be completed before the target year of 2032.

Bundesbank: Germany receives less foreign direct investment

FRANKFURT – According to the Bundesbank, Germany as a trading location has lost ground in the competition for foreign direct investment. Direct investment has witnessed a “significant decline” since 2022, according to an analysis of the German Central Bank’s monthly report, published on Tuesday. German Bundesbank experts identify a “major structural collapse” in 2022, which will lead to a significant decline.

Not without a tariff: a draft law after a long dispute

BERLIN – In the future, the federal government will be required to make adherence to collective bargaining standards a condition when awarding contracts. According to information from the German News Agency, the Federal Ministry of Labor has sent a draft of the corresponding collective bargaining law to the relevant federal states and associations. Recently, the FDP-led Federal Ministry of Finance blocked the start of the so-called assembly hearing. Employment Minister Hubertus Hill's spokesman (SPD) was forced to admit in mid-September that discussions within the government were ongoing and it was not yet clear.

Round 2: Putin wants to turn the BRICS into a new center of power

KAZAN – Kremlin President Vladimir Putin wants to encourage the BRICS alliance to cooperate more closely, especially in the financial sector. Kremlin spokesman Dmitry Peskov denied that Moscow is trying to use the BRICS countries to combat the dominance of the US dollar in global markets. However, Putin has previously criticized the US currency's dominance several times, and only a few weeks ago announced his desire to create an independent payment and settlement system within the BRICS countries.

Ifo Institute: Adaptation to climate change is essential

MUNICH – The Ifo Institute warns that there is an urgent need for a forward-looking strategy for adapting to climate change. Adapting to climate change should become as central a component of climate policy as reducing carbon dioxide emissions, says Maria Waldinger, an expert at the Ifo Institute.

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Feature: I read a summary in the economic outlook. There are several reports about this topic on the dpa-AFX news service.

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AXC0223 2024-10-22/17:07

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