## Germany: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany

_IMF Staff Country Reports, January 19, 2021_

## Source details

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## Bibliographic details
- Published: January 19, 2021
- Series: IMF Staff Country Reports

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### Executive summary
- 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.

### Key themes and findings
- Public health response:
  - Early and vigorous measures contributed to managing the first wave of the epidemic relatively well.
- Economic impact:
  - The first half of 2020 experienced a deep recession driven by unprecedented disruptions to economic and social activity.
  - Partial revival of growth followed easing of containment measures beginning late-April.
- Policy environment and containment measures:
  - Late-October: “lockdown light” announced in response to a new wave of infections.
  - Mid-December: restrictions were further tightened.
- Risks and outlook:
  - The uncertain course of the epidemic continues to pose significant risks to the pace and extent of the recovery.

### Subjects and keywords
- 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

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_Source: 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_