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Germany’s Merkel Sticks With Austerity Despite Growth Projection Cut

Chancellor Angela Merkel told lawmakers that Germany won’t raise public spending to stimulate the economy even after her government slashed growth forecasts for this year and next, a party official said.

Europe’s biggest economy will probably grow by 1.2 percent this year and by 1.3 percent in 2015, marking respective drops from 1.8 percent and 2.0 percent forecast in April, the Economy Ministry said today.

Merkel, addressing a closed-door meeting of members of her Christian Democratic Union-led bloc in Berlin today, vowed that her government will pursue its balanced budget goal regardless of the outlook, according to the CDU official, who asked not to be named because the session was private.

Bloomberg [1]

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