{
  "title": "Germany: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany",
  "publication": "IMF Staff Country Reports, February 12, 2026",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2026/02/12/germany-2025-article-iv-consultation-press-release-staff-report-and-statement-by-the-573858",
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  "summary": "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.",
  "sections": [
    {
      "heading": "Executive summary and recent shocks",
      "content": "- The German economy experienced large shocks in recent years, including:\n  - an energy-price shock following Russia’s invasion of Ukraine;\n  - rapid monetary tightening required to contain subsequent inflation;\n  - heightened trade-related headwinds.\n- These external shocks, together with weak underlying productivity growth—partly attributed to stalled structural reforms at both the EU and German level—have contributed to three years of negative or very low growth."
    },
    {
      "heading": "Main findings",
      "content": "- Growth performance:\n  - Three years of negative or very low growth.\n- Structural weaknesses:\n  - Weak underlying productivity growth linked in part to stalled structural reforms at EU and German levels.\n- External environment:\n  - Energy-price shock associated with Russia’s invasion of Ukraine.\n  - Heightened trade-related headwinds.\n- Monetary policy response:\n  - Rapid monetary tightening to contain inflation following the energy-price shock."
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    "Published: February 12, 2026",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229038546.002",
    "The German economy experienced large shocks in recent years, including:",
    "These external shocks, together with weak underlying productivity growth—partly attributed to stalled structural reforms at both the EU and German level—have contributed to three years of negative or very low growth.",
    "Growth performance:",
    "Structural weaknesses:",
    "External environment:",
    "Monetary policy response:",
    "Subject tags included in the source:",
    "Keywords listed in the source:",
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