With Germany’s fiscal stimulus now beginning to show up in the data, we think the increase in defence and infrastructure spending may be even slower and smaller than we had assumed – but that may be offset by a significant rise in other spending, including on pensions. Overall, we still think the stimulus should help to keep Germany’s economy growing but will have little impact on its trend growth rate.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.
