(ICIS) Germany’s federal government has agreed a €130bn stimulus package that includesa €50bn fund to invest in areas such as the hydrogen economy, quantum technologies and artificial intelligence in order to revive the economy following its collapse amid the lockdowns to contain the coronavirus. The package comes on top of an immediate rescue plan the government agreed in March, and a recent EU recovery plan. –
While Europe’s largest economy so far seems to be coping with the health crisis – with around 182,764 infections and 8,581 deaths, according to the latest data on 4 June – its export-oriented economy was hit hard.
The chemicals trade group VCI says the plan is falling short as it is not a growth programme for the transformation of the economy, a transformation that is needed to create new products and process, thus strengthening the country’s competitiveness, the group said.
Germany needed a programme that stimulates permanent growth and strengthens its competitiveness as a location for production and investment, said VCI director general Wolfgang Grosse Entrup.