European Parliament Library

Tests of German Resilience, Fabian Bornhorst, Ashoka Mody

Abstract
From its early post-war catch-up phase, Germany’s formidable export engine has been its consistent driver of growth. But Germany has almost equally consistently run current account surpluses. Exports have powered the dynamic phases and helped emerge from stagnation. Volatile external demand, in turn, has elevated German GDP growth volatility by advanced countries’ standards, keeping domestic consumption growth at surprisingly low levels. As a consequence, despite the size of its economy and important labor market reforms, Germany’s ability to act as global locomotive has been limited. With increasing competition in its traditional areas of manufacturing, a more domestically-driven growth dynamic, especially in the production and delivery of services, will be good for Germany and for the global economy. Absent such an effort, German growth will remain constrained, and Germany will play only a modest role in spurring growth elsewhere
Table Of Contents
Cover; Abstract; Contents; I. Introduction; II. The Postwar Catch-Up; Figures; 1. Germany's Growth Performance Since 1950; Table; 1. West Germany's Foreign Trade; III. The Slowdown; 2. Growth in a Comparative Perspective; 3. Per Capita GDP relative to the U.S.; 4. Current Account Balance in Comparative Perspective; 5. Trade Openness; IV. Reemergence; 6. Growth Expectations in Germany; 7. Change in Unit Labor Costs; 8. Importance of the Manufacturing Sector; 9. Wage Levels and Wage Growth; 10. Wage Share in Germany; 11. Product Specialization and Market Share
Language
eng
Literary Form
non fiction
Note
Description based upon print version of record
Physical Description
1 online resource (28 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9781475512441

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