Economic policy - Madsen confident for 2024 despite many problems
Schleswig-Holstein's Minister of Economic Affairs Claus Ruhe Madsen (CDU) is confident about the new year despite many problems and the tense budget situation. One point is the economic forecasts, which assume an increase in gross domestic product of 0.7 to 1.4 percent, said Madsen.
Inflation is also expected to level off noticeably to between 2.6 and 2.3 percent. "I hope that the declining inflation rate, together with the wage and salary increases, will boost consumption and rev up the economic engine," said Madsen. He is also confident that the European Central Bank will lower the key interest rate in 2014 and thus give a boost to the construction industry in particular.
According to Madsen, Schleswig-Holstein will be in seventh place among the federal states with a stagnating economy in 2023. Germany as a whole has seen a decline in economic output of 0.3 percent. Energy-intensive companies such as the chemical industry and interest-dependent sectors such as construction were also suffering in the north at the moment. In contrast, the defense technology and mechanical engineering sectors are showing high growth rates. "And our labour market remains extremely robust with an unemployment rate of 5.5 percent," emphasized the Minister.
In addition to global developments, a reliable federal policy framework is crucial for economic development in the coming months. SMEs, with more than 120,000 companies in the north, now need planning security above all. "The federal government's spin cycle following the ruling of the Federal Constitutional Court was the opposite of this," emphasized Madsen.
For 2024, the minister cited important projects including the Autobahn 20, for which two planning approval decisions are expected, and support for the construction of the new Fehmarn Sound Tunnel. The expansion of the B5 and B404 also continued. Other priorities include the establishment of the Welcome Center, the development of a further education strategy, the implementation of the tourism strategy and a Federal Council initiative to reduce bureaucracy.
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The economic policy in Schleswig-Holstein, as outlined by Minister Claus Ruhe Madsen, also includes addressing the budgetary situation in the state. (Schleswig-Holstein, budgetary situation)
Madsen mentioned that one of the challenges for Schleswig-Holstein's economy is the impact of inflation on various sectors, including the construction industry, which could potentially benefit from a lower key interest rate set by the European Central Bank (EZB). (Inflation, ezb)
As part of Schleswig-Holstein's economic policy, the CDU government is focusing on key projects such as the expansion of highways and support for the construction of the Fehmarn Sound Tunnel, while prioritizing job creation and reducing bureaucracy. (CDU, Budgetary situation, Economic policy)
Source: www.stern.de
