Germany Finalizes 2024 Budget with 50.3 Billion Euros in New Borrowing, Saving Coalition Government

Jul 15, 2024, 08:52 AM

Germany's government has managed to finalize its 2024 supplementary budget, which introduces new borrowing of 50.3 billion euros. The overall budget size for 2024 is projected to be 488.9 billion euros. This budget deal, according to the Economy Ministry's monthly report, lays the foundation for reliable politics and is expected to build confidence in the second half of the year. The budget agreement was crucial in saving the coalition government, which faced significant challenges during the budget negotiations. Germany has been tiring of its self-imposed fiscal straitjacket, and the budget negotiations came close to blowing up the government.