## Germany: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany

_IMF Staff Country Reports, July 17, 2023_

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## Bibliographic details
- Published: July 17, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400245077.002

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### Economic resilience after energy shock
- The German economy "has demonstrated resilience following the shut-off of Russian gas supply in the year 2022."
- The "energy shock and tightening financial conditions are expected to keep annual gross domestic product (GDP) growth slightly negative in 2023."
- "Uncertainty is unusually high, with substantial risks in both directions, which on balance are tilted downward for growth."

### Growth outlook and risks
- Near-term growth: "slightly negative in 2023."
- Uncertainty: "unusually high" with "substantial risks in both directions, which on balance are tilted downward for growth."
- Downside pressures cited: energy shock, tightening financial conditions, inflation risks, rising interest rates, population aging, the green transition, and increasing risks associated with global geoeconomic fragmentation (GEF).

### Fiscal policy and disinflation strategy
- Near-term policy priority: "supporting disinflation by tightening fiscal policy."
- Planned fiscal consolidation: "the planned tightening of the cyclically-adjusted primary balance by around ½ percent of GDP in 2023 will support these efforts."
- Further consolidation recommended: "An additional 1 1/2 percent of GDP in 2024 is appropriate under the baseline forecast and can be achieved mainly by saving expected underspending on energy price relief and any revenue over performance."

### Assessment of policy response and recommendations
- Evaluation: "The authorities’ policy response to spillovers from Russia’s war in Ukraine has been timely and generally well designed."
- Continued actions needed to address:
  - "inflation risks"
  - "rising interest rates"
  - "population aging"
  - "the green transition"
  - "increasing risks associated with global geoeconomic fragmentation (GEF)"

### Document identifiers and metadata (excerpted)
- Pages: 92
- Volume: 2023
- Issue: 258
- Series: Country Report No. 2023/258
- DOI: https://doi.org/10.5089/9798400245077.002
- ISBN: 9798400245077
- ISSN: 1934-7685
- Publication date on page: July 17, 2023

*International Monetary Fund. Germany: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany*

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_Source: https://www.imf.org/en/publications/cr/issues/2023/07/14/germany-2023-article-iv-consultation-press-release-staff-report-and-statement-by-the-536350_