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Brexit, Trump pose considerable risks to global economy: German finance ministry

Reuters

BERLIN (Reuters) - Britain's vote to leave the European Union and the new U.S. administration are the main risks to the global economy, the German finance ministry said on Friday, adding that domestic demand will remain the main growth driver in Germany this year.

"The risks to the global economy certainly remain remarkable," the ministry said in its monthly report, citing Brexit, the election of U.S. President Donald Trump, monetary policy developments and commodity prices as sources of concern.

Construction, consumption and government spending have been the main pillars of growth in Europe's largest economy recently. replacing exports.

In the 2016 and 2017 fiscal years, the government set aside 28.7 billion euros ($30.64 billion) in funding to accommodate and integrate the more than one million asylum seekers who entered the country over the past two years, the ministry said.

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An additional 14.3 billion euros were earmarked to fight the causes of migration, including funding for development projects in hotspots like Afghanistan, and aid for refugees in Turkey, Lebanon and Jordan.

(Reporting by Joseph Nasr Editing by Jeremy Gaunt)