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11/8, 12:22 PM (Source: TeleTrader)
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Germany's Scholz: Real recession is not near

The German economy is not close to a real recession, Berlin's Finance Minister Olaf Scholz said on Friday. However, the minister stated that slower growth in Germany is a result of global trade uncertainty.

Earlier, Scholz told the European Union to avoid any further trade tensions with the United States and noted it was "urgently necessary" to resolve the trade war.

Germany's gross domestic product (GDP) declined 0.1% in the second quarter and was at 0.4% in the first quarter.

Breaking the News / VP