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German economy should reach pre-crisis level in second half of 2022 - minister

Reuters
Updated ·1-min read
FILE PHOTO: German Economy Minister Peter Altmaier briefs the media about the "rescue package" for German airline Lufthansa at the economy ministry in Berlin

BERLIN (Reuters) - German Economy Minister Peter Altmaier said on Thursday that his aim is for Europe's largest economy to return to pre-crisis levels in the second half of 2022.

"There is light at the end of the tunnel," Altmaier told reporters, adding that he aimed for Germany to return to growth in the second half of this year.

Chancellor Angela Merkel's ruling coalition on Wednesday agreed a bumper stimulus package amounting to 130 billion euros to speed up Germany's recovery from the coronavirus.

Altmaier said it would be the biggest economic package since the federal republic of Germany was founded in 1949.

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"The economy has not yet bottomed out," he added. "In the coming weeks and months we will experience difficult moments together. There is light at the end of the tunnel."

"My goal as economy minister, the goal of the federal government, is to return to the growth path as early as this year - in the second half of the year - to experience a strong growth dynamic of around 5% next year, and to return to our old strength from before the corona pandemic in the second half of 2022 at the latest," he said.

(Writing by Paul Carrel; Editing by Michelle Martin)