Uncertainty is poison for economic growth, German finmin says
SPY•German finance minister says uncertainty hurts growth
BERLIN, Sept. 1 (Reuters) - German Finance Minister Lars Klingbeil said on Tuesday that the past few months have shown that uncertainty is poison for economic growth.
"That is why everyone within the G20 must contribute to reducing geopolitical uncertainty," he said, speaking on the sidelines of the meeting of G20 finance ministers and central bank governors hosted by the U.S. in Asheville, North Carolina.
Klingbeil said the war in Iran, ongoing tariff disputes with the United States, and distortions of competition from China all lead to instability.
The world suffers under these conflicts, and they reduce prosperity everywhere, Klingbeil said, calling for stability and reliability.
"Germany stands for a world in which the rule of law prevails, rather than the law of the strong," Klingbeil said, adding that his country stands for an international rules-based order, international law, and multilateralism.
"When others do not follow the rules, we must not be naive and simply stand by," Klingbeil said. "We must protect our domestic industry, our economy, and our jobs."
