Germany: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany

July 10, 2019

Preview Citation

Format: Chicago

Germany: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany, (USA: International Monetary Fund, 2019) accessed December 22, 2024

Summary

Germany’s economic performance has been strong for the past decade, but external factors and structural challenges are now weighing on growth. The export-dependent economy has been hit by the recent slowdown in global demand, while medium-term growth is expected to fall due to low productivity growth and adverse demographics. External imbalances remain large, partly reflecting rising top income inequality, macro-financial vulnerabilities are rising, and the financial sector continues to suffer from weak profitability. Still, fundamentals are sound, with public and private balance sheets remaining healthy, and the unemployment rate at record lows. Inflation is subdued, but wage growth is continuing to pick up, reflecting the strength of the labor market and increasingly binding capacity constraints.

Subject: Commercial banks, Cooperative banks, Financial institutions, Income, Income inequality, Labor, National accounts, Wages

Keywords: Banking sector, Brexit process, Bundesbank, Commercial banks, Cooperative banks, Core inflation, CR, Fiscal policy, Global, IMF staff calculation, Income, Income inequality, Inflation pressure, Interest rate environment, ISCR, Labor market, Lending standard, Staff, Tax credit, Wages

Publication Details

Pages:

93
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/213
Stock No:

1DEUEA2019001
ISBN:

9781498324625
ISSN:

1934-7685

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