{
  "title": "Germany: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany",
  "publication": "IMF Staff Country Reports, January 19, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2021/01/15/germany-2020-article-iv-consultation-press-release-staff-report-and-statement-by-the-50020",
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  "summary": "Germany managed the first wave of the COVID-19 epidemic relatively well thanks to an early and vigorous public health response. Nonetheless, unprecedented disruptions to economic and social activity caused a deep recession in the first half of 2020.",
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      "heading": "Executive summary",
      "content": "- Germany managed the first wave of the COVID-19 epidemic relatively well thanks to an early and vigorous public health response.\n- Unprecedented disruptions to economic and social activity caused a deep recession in the first half of 2020.\n- The gradual easing of containment measures since late-April led to a partial revival of growth.\n- In late-October a “lockdown light” was announced to counter a new wave of infections, and restrictions were further tightened in mid-December.\n- Significant risks remain about the pace and extent of the recovery as the uncertain course of the epidemic continues to impact economic activity."
    },
    {
      "heading": "Key themes and findings",
      "content": "- Public health response:\n  - Early and vigorous measures contributed to managing the first wave of the epidemic relatively well.\n- Economic impact:\n  - The first half of 2020 experienced a deep recession driven by unprecedented disruptions to economic and social activity.\n  - Partial revival of growth followed easing of containment measures beginning late-April.\n- Policy environment and containment measures:\n  - Late-October: “lockdown light” announced in response to a new wave of infections.\n  - Mid-December: restrictions were further tightened.\n- Risks and outlook:\n  - The uncertain course of the epidemic continues to pose significant risks to the pace and extent of the recovery."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Commercial banks, Cooperative banks, COVID-19, Labor markets, Loans\n- Keywords: CR, EU recovery package, health crisis, IMF staff calculation, ISCR, money market rate, policy support package\n\n---\n\n Content in this bundle\n\n- 1deuea2021001\n  - 1deuea2021001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1deuea2021001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: January 19, 2021",
    "Series: IMF Staff Country Reports",
    "Germany managed the first wave of the COVID-19 epidemic relatively well thanks to an early and vigorous public health response.",
    "Unprecedented disruptions to economic and social activity caused a deep recession in the first half of 2020.",
    "The gradual easing of containment measures since late-April led to a partial revival of growth.",
    "In late-October a “lockdown light” was announced to counter a new wave of infections, and restrictions were further tightened in mid-December.",
    "Significant risks remain about the pace and extent of the recovery as the uncertain course of the epidemic continues to impact economic activity.",
    "Public health response:",
    "Economic impact:",
    "Policy environment and containment measures:",
    "Risks and outlook:",
    "Subjects: Commercial banks, Cooperative banks, COVID-19, Labor markets, Loans",
    "Keywords: CR, EU recovery package, health crisis, IMF staff calculation, ISCR, money market rate, policy support package",
    "**1deuea2021001**"
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