The economy contracted in 2023 due to high energy prices and interest rates. Headline inflation has fallen sharply as end-user energy prices have stabilized, but core inflation remains somewhat stickier, driven by services. Falling inflation and tight labor markets have turned real wage growth positive. High interest rates have boosted bank profitability, but part of this increase is likely temporary. High interest rates have exposed vulnerabilities in banks’ financing of commercial real estate activity.
- Format
- Paper
- Frequency
- regular
- ISBN
- 9798400283260
- ISSN
- 1934-7685
- Pages
- 92
- Published in
- United States of America
- Series
- Country Report No. 2024/229
- StockNumber
- 1DEUEA2024001
Table of Contents
- recent developments 9
- Outlook and risks 13
- Authorities’ Views 17
- Future-oriented policies 18
- A. Fiscal Policy 18
- B. Safeguarding Financial Stability 22
- Authorities’ Views 27
- C. Lifting Productivity via Entrepreneurship, Innovation, Digitalization, and Upskilling 28
- D. Stabilizing the Labor Force 31
- Authorities’ Views 33
- E. Tackling Climate Change and Enhancing Energy Security 33
- Authorities’ Views 36
- F. Voluntary Assessment of Transnational Aspects of Corruption and Strengthening AML/CFT 36
- Authorities’ Views 37
- STAFF APPRAISAL 38
- Potential Growth Estimates 60
- Conclusion 62
- A. Background 70
- B. Baseline Scenario 70
- C. Risk Assessment 71
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