Der internationale Währungsfond - IWF (German Edition)

The inflow of asylum-seekers slowed down from its peak in , and the refugees are gradually entering the labor force. Rapid house price increases should continue to bolster investment in construction. The risks to the outlook are balanced in the short term, but predominantly tilted to the downside in the longer run. Anti-globalization policies abroad could negatively affect long-term prospects for the very open German economy, while in the euro area, an insufficient progress in the reform agenda may rekindle stress.

The labor market continues to perform strongly.

Following the Hartz reforms, labor force participation has been rising and unemployment falling, resulting in large gains in employment, also fed by immigration. The surge in labor supply triggered by the reforms initially reinforced pre-existing downward pressures on low wages, but did not result in an increase in labor income inequality because of its powerful positive effect on employment. In addition, both wage and labor earnings inequality have been broadly stable since , as the labor market strengthened further and the level of the minimum wage proved sufficiently prudent not to significantly harm employment while providing a higher floor to hourly wages.

However, average wage gains have been subdued, despite increasing signs of labor market tightness. Looking forward, a sustained rise in wage and price inflation in Germany is needed to help lift inflation in the euro area and facilitate the normalization of monetary policy. Our baseline forecast envisages a gradual demand-driven rise in wage, core, and headline inflation, consistent with the tight labor market conditions. There is a risk, however, that, after a long period of moderation, wages will not respond sufficiently to these conditions. This would result in protracted low inflation in Germany and a slower-than-expected normalization of inflation and monetary conditions in the euro area.

To help ward off such risks, the authorities could usefully emphasize in their public communication the importance of robust wage and price growth in the current conjuncture, while respecting the autonomy of the social partners in wage setting.

1. "IWF : Internationaler Währungsfonds" in English!
2. Deep Six (Kidnapped by the Billionaire).
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4. Mission Concluding Statement.

External rebalancing would be facilitated by higher wage and price growth, but its pace would remain slow without policy action. The surplus is expected to narrow slowly over the medium term, as energy and other import prices recover, private investment strengthens, and wage growth supports both domestic demand and a realignment of external competitiveness. Policies that boost public and private investment and reduce the need for private saving such as through promoting longer working lives would accelerate the necessary external rebalancing process. The fiscal position continues to strengthen, and debt has fallen to The prudent management of the fiscal accounts has led to a protracted reduction in the debt-to-GDP ratio after the crisis.

In , the general government surplus climbed to 0.

Synonyms and antonyms of IWF in the German dictionary of synonyms

Primary spending rose, including to provide for the refugees, but this was more than compensated by higher tax revenues from favorable labor market performance and buoyant corporate tax receipts, as well as a decline in the interest bill. Despite the moderate fiscal stimulus expected this year — with higher social spending, some income tax relief, and larger public investment — current fiscal plans still preserve a comfortable buffer above the European and national fiscal rules.

We forecast this buffer to rise over the coming years. Policies to relieve the tax burden and increase growth-enhancing spending can complement each other. On the expenditure side, overcoming barriers to expanding investment in public infrastructure remains important. The financial relief already extended by the federal government to the regions and municipalities is useful, but ongoing initiatives to overcome capacity constraints should be accelerated, including to rebuild staffing capacity particularly at the local level for the planning and administration of investment projects.

The proposed Federal Infrastructure Corporation for Highways is welcome and should ensure a more stable and efficient framework for investment in transport infrastructure. To improve fiscal planning, a reexamination of revenue projection models should be undertaken. Once you have copied them to the vocabulary trainer, they are available from everywhere.

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Germany: Staff Concluding Statement of the 2017 Article IV Mission

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IWF an Italien - marode Banken sanieren, presto! - economy

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