Germany Injects 405 Trillion Won for COVID-19 Recovery, Extends Support Until Year-End

Angela Merkel (right), Chancellor of Germany [Image source=Yonhap News]

The German government, which has invested 300 billion euros (approximately 405 trillion won) in COVID-19 damage support, is expected to extend the support until the end of the year.

Local media Die Welt reported on the 3rd (local time) that Peter Altmaier, Germany's Minister of Economic Affairs, predicted that the grand coalition would agree next week on a plan to extend COVID-19 damage support beyond June.

He said, "Some companies will still not be able to fully resume operations, and some companies' sales will not immediately soar again," adding, "Damage support will only be provided to businesses that can prove a sales decline of more than 30%."

Minister Altmaier stated, "It is undecided whether the extension of damage support will be set until the end of September or until the end of December," and added, "Personally, I think it is desirable to extend it until the end of the year to avoid linking it with the general election."

So far, Germany has poured 300 billion euros into COVID-19 damage support.

Minister Altmaier said, "The engine of economic recovery is restarting," and "the German economy has passed the most difficult period." He forecasted that the German economy will grow by 3.5 to 4.0% this year.

This content was produced with the assistance of AI translation services.