IMF Staff Country Reports

The German economy has been hit with large shocks in recent years, including
an energy-price shock following Russia’s invasion of Ukraine, rapid monetary tightening
required to contain subsequent inflation, and heightened trade-related headwinds.
These external shocks, together with weak underlying productivity growth, in part due to
stalled structural reforms at both the EU and German level, have contributed to three
years of negative or very low growth.