Europe’s largest economy has “the best pre-requisites to ensure we’ll still be playing in the top league technologically in ten, 20 and in 30 years’ time,” Scholz told Mediengruppe Bayern in an interview published on Saturday.
Germany’s economy ministry recently said it’s preparing aid worth about €20 billion to support the development of local semiconductor production in the coming years with money from the off-budget Climate and Transformation Fund.Scholz’s comments came a day after business confidence data showed Germany took another hit in August, despite the economy managing to exit a recession in the second quarter. The Ifo institute’s sentiment gauge dropped to 85.7 from a revised 87.
Scholz rejected criticism that Germany’s problems have been exacerbated by his government’s reluctance to boost deficit spending.