This week, the IMF Executive Board discussed the worsening German economic outlook and policies that could help. 

After growth of 2.9 percent in 2021, we expect economic growth to slow sharply to 1.2 percent in 2022 owing to elevated energy import prices and weak consumer confidence. We expect supply bottlenecks to persist even into 2023. These bottlenecks, combined with the usual delayed pass through of wholesale to retail gas prices, drives down our expectations of growth to just 0.8 percent in 2023. These growth rates for 2022 and 2023 are, respectively, 0.9 and 1.9 percentage points below those that we projected in April’s World Economic Outlook.

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