The German Ministry of Economy stated that Germany has invested more than 100 billion euros, less than 3% of its gross domestic product (GDP), to help companies reduce the impact of this pandemic.
This amount includes credits from the first, second and third wave of public bank Credit Bank Deutsche Bank, state guarantees and direct assistance.
The total also includes interventions by the Economic Stability Fund, which has entered the capitals of distressed large companies, such as Lufthansa’s aircraft carrier and tour operator TUI.
The Federal Employment Agency provided an additional 30 billion euros for the program to reduce the working hours forced by the pandemic. The system was called “Kurzarbeit” and the system inspired the European program “SURE”.
The Minister of Economy, Peter Altmaier, said in a statement: “There are 100 billion people who stabilize our economy in difficult times, ensure employment and maintain the fundamentals of our economy.”
He also announced his firm belief that the German economy will grow in the second half of the year, and reiterated his forecast of 3.5% GDP growth for the whole year.