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German government announces bold economic stimulus package

In an effort to boost the economy following the negative impact of the COVID-19 pandemic, Germany will implement an ambitious US$ 130 billion stimulus package.

The measures include tax breaks and incentives for companies, cash payouts to families, funds to build and expand the 5G network, and the doubling of incentives for the purchase of electric vehicles.
Small and medium enterprises will have access to added government financing.

Furthermore, the value added tax will be reduced from from 19% to 16% until the end of the current year in order to boost consumption.

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