GERMANY

摘要

Economic growth is projected to remain solid, as a robust labour market, low interest rates and a mildly expansionary fiscal stance underpin consumption and residential investment. Demand from emerging market economies and euro area countries is expected to strengthen only slowly, holding back business investment The unemployment rate will remain at historic lows. The current account surplus will fall somewhat but will remain high. Budgetary policy needs to provide even more support to counter subdued demand in the euro area and to address key structural weaknesses holding back inclusive growth. Reforms to remove barriers to entry and competition in professional services, in telecommunications, postal and rail transport services and crafts would strengthen entrepreneurship, productivity and investment More effective requirements for banks to separate investment from retail banking, and stricter leverage ratio requirements would reduce financial market risks.