Source:
https://scmp.com/news/world/europe/article/2184908/germany-could-face-budget-deficits-years-come-bild-newspaper
World/ Europe

Germany could face budget deficits for years to come, Bild newspaper claims, citing government document

  • Report states that Germany could have to tackle a €25 billion shortfall by 2023
(Left to right) Minister of Finance Olaf Scholz, Minister of Interior, Construction and Homeland Horst Seehofer, German Chancellor Angela Merkel and Chairperson of the Coal Commission Ronald Pofalla. Photo: EPA-EFE

Germany faces a 25 billion (US$29 billion) budget shortfall by 2023, unless it tightens spending, as tax revenues are set to fall and public sector wages are on the rise, Bild newspaper reported, citing an internal government document.

The prospect of budget deficits would represent a dramatic deterioration in the finances of Europe’s biggest economy, which reported a 11.2 billion budget surplus last year.