Düsseldorf (dpa) – The election of Joe Biden as president of the United States brings positive impulses, according to experts from the world economy and, to some extent, also to the German economy. This is the result of a short study conducted by the Institute for Macroeconomics and Business Cycle Research (IMK) of the Hans Böckler Foundation, affiliated with the union.
The researchers see the main reason for their evaluation in the willingness of the new US administration to launch a new large-scale economic and investment program. This increases the chances of a rapid economic recovery in the United States after the Crown crisis, the IMK reported on Sunday in Düsseldorf.
The shift in power in Washington should have consequences for three core areas, according to the IMK: the US economy, US trade policy, and US national and international climate policy. “It is positive that the times of often brutal and erratic escalations in trade issues should be over and a presidency is ending that has sold tax cuts to the rich as an important instrument of economic policy,” said IMK’s chief scientific officer, Sebastian Dullien. The new administration is also planning major investments and measures that will ensure more employment and greater purchasing power, even for the poorest and middle-class households.
The researchers expect US investment programs to have only a moderate demand effect on the German economy. The new US administration is also likely to insist that US companies in particular should be involved in public procurement. “Additional sales opportunities for German suppliers arise especially when there are few domestic suppliers,” says the IMK.