(Bloomberg) -- Germany’s economic malaise is a deterrent for investment, according to a Siemens AG official.
“There’s actually nothing that speaks in favor of investing in Germany,” Christian Kaeser, global head of tax at Siemens told lawmakers in Berlin on Wednesday, stressing that Siemens generally is in favor of investing.
“But there’s no growth in Germany — there is growth in other countries — and the tax situation isn’t particularly good either,” he said. “That’s why our most recent investments primarily were made abroad.”
Germany’s Economy Ministry warned this week that a recession probably occurred in the second and third quarters, having already said that output for the year is set to contract. A retrenchment by some of the country’s top industrial firms is adding to the gloom.
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