Germany’s Houdini Act
Jeroen Blokland | Nov 15, 2019 11:02
Germany has narrowly – and unexpectedly – escaped a recession. Its economy grew exactly 0.08% in the third quarter, as consumer spending came in better than expected. This, however, reduces the odds of more German fiscal stimulus to prop up economic growth – despite ever more persistent pleas from the ECB and its new president Lagarde for the Eurozone’s biggest economy to do just that.
With the budget surplus only expected to fall from 1% this year to 0.55% next year, it seems that Germany wants to wait until things get worse before making them better.
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