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Germany warns of danger of protectionism

Xinhua, January 26, 2017 Adjust font size:

German Vice Chancellor Sigmar Gabriel on Wednesday warned against the dangers of protectionism during his speech on an annual economy report.

"Germany is fundamentally dependent on open markets and free trade," said Gabriel, who is also the German Minister of Economic Affairs and Energy.

Speaking on the perceptible tendency towards protectionism worldwide, Gabriel mentioned Brexit and comments made by new U.S. President Donald Trump, saying protectionist viewpoints were "the wrong way" and that "market closure makes all poorer".

According to the report, the German government expects the gross domestic product to grow by 1.4 percent in 2017, 0.5 percentage point lower than in 2016.

"The German economy is in a very good condition," Gabriel said.

In addition, 320,000 men and women are likely to find a new job and the rate of unemployment is expected to drop to 6 percent, according to Gabriel.

It is Gabriel's last annual economy report, as he aims to take over the foreign office after announcing on Tuesday he would not stand for Chancellor in Germany's September elections. Endit