BERLIN (Reuters) -German Economy Minister Katherina Reiche called urgently for economic reforms on Friday after the federal statistics office reported a stronger-than-expected slump in gross domestic
German Economy Minister Urges Immediate Reforms After Q2 Decline
Need for Economic Reforms
BERLIN (Reuters) -German Economy Minister Katherina Reiche called urgently for economic reforms on Friday after the federal statistics office reported a stronger-than-expected slump in gross domestic product in the second quarter.
Proposed Structural Changes
"The figures illustrate the urgent need for action," Reiche said in a statement, adding that "further-reaching and bold structural reforms are essential if the German economy is to become competitive".
Impact on Competitiveness
These reforms include more flexible working hours, a reduction in non-wage labour costs, less red tape and lower energy prices, as well as lessening rather than increasing the tax burden on companies, she said.
(Writing by Rachel MoreEditing by Ludwig Burger)
