{
  "title": "Germany: 2018 Article IV Consultation – Press Release; Staff Report and Statement by the Executive Director for Germany",
  "publication": "IMF Staff Country Reports, July 4, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/07/04/germany-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-46049",
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  "summary": "The Germany economy has performed very well in recent years, supported by prudent economic management and past structural reforms. Growth is robust, employment is rising, and the unemployment rate has fallen to levels not seen in decades.",
  "sections": [
    {
      "heading": "Overview and recent performance",
      "content": "- The Germany economy has performed very well in recent years, supported by prudent economic management and past structural reforms.\n- Growth is robust, employment is rising, and the unemployment rate has fallen to levels not seen in decades.\n- Inflation remains low but wage growth is picking up, reflecting the strength of the labor market."
    },
    {
      "heading": "Risks and medium-term outlook",
      "content": "- Looking beyond these positive cyclical developments, unfavorable demographics will soon weigh on potential growth and put pressure on public finances.\n- Having already accumulated sizable buffers through savings, Germany should now prioritize domestic investment in physical and human capital to prepare for the future."
    },
    {
      "heading": "Policy recommendations and government response",
      "content": "- The new government's coalition agreement contains several welcome measures to prioritize domestic investment in physical and human capital.\n- The IMF staff recommends more forceful actions to:\n  - boost labor supply, and\n  - increase labor productivity.\n- These actions would help stimulate domestic investment and reduce Germany’s large current account surplus."
    },
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      "content": "- Publication title: Germany: 2018 Article IV Consultation – Press Release; Staff Report and Statement by the Executive Director for Germany\n- Publication date: July 4, 2018\n- Pages: 106\n- Volume: 2018\n- Issue: 208\n- Series: Country Report No. 2018/208\n- DOI: https://doi.org/10.5089/9781484366158.002\n- Stock No: 1DEUEA2018001\n- ISBN: 9781484366158\n- ISSN: 1934-7685\n- Subject: Banking, Commercial banks, Cooperative banks, Expenditure, Financial institutions, Fiscal stance, Production, Productivity, Public debt, Public investment and public-private partnerships (PPP)\n- Keywords: Commercial banks, Cooperative banks, core inflation, CR, current account, Europe, Global, government, housing sector, IMF staff calculation, interest rate, interest rate environment, ISCR, labor market participation, Productivity, Public investment and public-private partnerships (PPP), staff, surplus\n\nInternational Monetary Fund. Germany: 2018 Article IV Consultation – Press Release; Staff Report and Statement by the Executive Director for Germany (July 4, 2018).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 4, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484366158.002",
    "The Germany economy has performed very well in recent years, supported by prudent economic management and past structural reforms.",
    "Growth is robust, employment is rising, and the unemployment rate has fallen to levels not seen in decades.",
    "Inflation remains low but wage growth is picking up, reflecting the strength of the labor market.",
    "Looking beyond these positive cyclical developments, unfavorable demographics will soon weigh on potential growth and put pressure on public finances.",
    "Having already accumulated sizable buffers through savings, Germany should now prioritize domestic investment in physical and human capital to prepare for the future.",
    "The new government's coalition agreement contains several welcome measures to prioritize domestic investment in physical and human capital.",
    "The IMF staff recommends more forceful actions to:",
    "These actions would help stimulate domestic investment and reduce Germany’s large current account surplus.",
    "Publication title: Germany: 2018 Article IV Consultation – Press Release; Staff Report and Statement by the Executive Director for Germany",
    "Publication date: July 4, 2018",
    "Pages: 106",
    "Volume: 2018",
    "Issue: 208",
    "Series: Country Report No. 2018/208",
    "DOI: https://doi.org/10.5089/9781484366158.002",
    "Stock No: 1DEUEA2018001",
    "ISBN: 9781484366158",
    "ISSN: 1934-7685",
    "Subject: Banking, Commercial banks, Cooperative banks, Expenditure, Financial institutions, Fiscal stance, Production, Productivity, Public debt, Public investment and public-private partnerships (PPP)",
    "Keywords: Commercial banks, Cooperative banks, core inflation, CR, current account, Europe, Global, government, housing sector, IMF staff calculation, interest rate, interest rate environment, ISCR, labor market participation, Productivity, Public investment and public-private partnerships (PPP), staff, surplus",
    "**Country Report**"
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