## Germany: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany

_IMF Staff Country Reports, June 29, 2016_

## Source details

**Canonical URL:** [Germany: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany](https://www.imf.org/en/publications/cr/issues/2016/12/31/germany-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44029)

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## Bibliographic details
- Published: June 29, 2016
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498333979.002

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### Executive summary and outlook
- The economy of Germany is projected to slowly rebalance.
- Domestic demand is supported by:
  - a tight labor market,
  - accommodative monetary conditions,
  - and, in 2016, a fiscal expansion.
- Declining medium-term growth prospects continue to:
  - hold back domestic investment,
  - push up savings,
  - and prevent faster rebalancing.

### Main findings
- Progress has been slow on addressing needs in public infrastructure.
- Progress has been slow on stimulating competition in the services sector.
- Mounting aging costs require further policy action.
- Successful labor market integration of women and refugees requires further policy action.

### Policy recommendations
- Full use of the room available under fiscal rules to finance:
  - additional public investment,
  - and growth-friendly structural reforms, would be appropriate.

### Subjects and keywords (as listed)
- Subjects: Commercial banks, Employment, Financial institutions, Labor, Labor markets, Wages
- Keywords: article IV consultation discussion, Commercial banks, core inflation, CR, credit growth, Employment, Europe, GDP, Germany, Global, government, government plan, growth momentum, headline inflation, house price development, IMF staff calculation, ISCR, Labor markets, staff assessment candid, Wages

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/germany-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44029_