German elections, economy: what to know

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The German DAX, the country’s benchmark stock index, is up 13% YTD . Is

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After 16 years in power, Angela Merkel is stepping down as chancellor of Germany, paving the way for a new generation of leadership for Europe’s largest economy and a major US ally and trading partner.

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The latest polls show the outgoing leader’s centre-right union bloc, with Armin Lachet as chancellor’s candidate, slightly behind or nearly level with the centre-left Social Democrats, who have Finance Minister Olaf Scholz seeking chancellorship. Huh.

Contenders to succeed Angela Merkel as Germany’s chancellor sought to mobilize voters on Friday as the election campaign drew to a close, using their credentials to propel Europe’s biggest economy into a new era. It is battling the fallout from the coronavirus pandemic and climate change.

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Granthshala Business, in coordination The Associated Press, took a look at the elections and the economy of Germany.

Candidate

The race has narrowed down to three candidates hoping to win the job, with Merkel holding four positions in office: Olaf Scholz of the Social Democrats, Anna-Lena Berbock of the Greens and Armin Laskett of the Christian Democrats.

Experts say one of the reasons this year’s German election is more difficult and less predictable than usual is that the candidates are relatively unknown to most voters.

“This is certainly not the most boring election,” Hendrik Traeger, a political scientist at the University of Leipzig, told the AP. “There were people in whom Angela Merkel stood as the incumbent, and it was only a question of who she would rule with.”

Merkel stumps for Armin

Armin Laschet, the president of the German Christian Democratic Union (CDU) and the party's top candidate for the federal election, left, and German Chancellor Angela Merkel attend a joint campaign appearance in Stralsund, Germany

Outgoing Chancellor Angela Merkel sought on Tuesday a boost for struggling Armin Lachette in the hard race to become Germany’s next leader, telling attendees at a rally in her longtime electoral district that she would seek jobs and security.

Merkel touted her government’s record in reducing unemployment and Germany’s debt, denouncing plans from Laschet’s rivals to raise taxes. It also suggested that a leftist German government was in danger of being too liberal in funding the more indebted European countries.

“There is a lot at stake on Sunday,” he told the crowd on a wet evening in Stralsund in Germany’s northeastern corner. “It’s about whether … we give people who want to create jobs, companies who want to contribute something to Germany’s prosperity, the opportunity, the freedom to do so”.

The alternative, he said, is “a policy of thinking only redistribution, but not generating wealth”.

“I know Armin Laschet as governor of North Rhine-Westphalia, who fights for every single job in his state, and he will do the same as chancellor of Germany,” Merkel said.

Angela Merkel Trailblazer and US Ally

Merkel is the first woman to hold the office of chancellor since she was sworn in in November 2005.

She has been an ally of several US presidents, most recently Biden and Trump before her.

President Joe Biden meets with German Chancellor Angela Merkel in the Oval Office of the White House

According to him, Merkel was born in Hamburg on July 17, 1954 Government Bio.

President Donald Trump greets German Chancellor Angela Merkel outside the West Wing of the White House in Washington

Germany’s stock market and economy

The German DAX, the country’s benchmark stock market, is up 13% YTD, trailing the S&P 500’s 18.6% gain as of Friday.

anchor the protection The last Change Change %
dex Horizon ETF Trust I DAX Germany ETF 32.97 -0.34 -1.04%

Germany’s economy is facing the same COVID-19 headwinds as the US as supply chain disruptions slow growth. This month, IFO Economic The cut is the outlook for German GDP for the same reasons.

“The strong post-pandemic recovery that was originally expected in the summer has not materialized yet,” said Timo Vollmershauser, head of forecasting at Ifo.

Economic output will only increase by 2.5% this year, but will increase by 5.1% next year.

According to Trading Economics, Germany’s economy accounts for about 3.4% of the world economy with a value of $3.8 trillion, making it the fourth largest globally. America is the world’s largest superpower, accounting for 18.5%.

Candidates Acquire Tesla’s Elon Musk

Germany may be home to Mercedes Benz, Audi, BMW and the ever mighty Daimler, but Tesla is just as important to the country’s next chancellor.

anchor the protection The last Change Change %
TSLA Tesla, Inc. 774.39 +20.75 +2.75%

Tesla’s Elon Musk Hopes German Chancellor

Billionaire Elon Musk said he expects to start production at the Grünheide facility in October, as covered by Granthshala Business.

Tesla initially planned to start manufacturing July, but was delayed due to legal problems and permission issues.

“We’re hoping to get the approval to build the first car, maybe in October if we’re lucky,” Musk told reporters.

“Giga Berlin-Brandenburg County Fair & Factory Tour on October 9th!” The SpaceX founder later tweeted, noting that while Berlin and Brandenburg residents would have priority access, it would be open to the general public.

Germany's center-right candidate to replace Angela Merkel as chancellor and Christian Democratic Union president, Armin Laschet, right, talks to Tesla CEO Elon Musk

The Associated Press and Granthshala Business’ Julia Musto contributed to this report.


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