经合组织经济调查：德国2025

c e h v n L o a i u s n r OECDEconomicSurveys:Germany2025 June2025 Volume2025/15 c e h v n L o a i u s n r OECDEconomicSurveys:Germany 2025 Thisdocument,aswellasanydataandmapincludedherein,arewithoutprejudicetothestatusoforsovereigntyoveranyterritory,tothedelimitationofinternationalfrontiersandboundariesandtothenameofanyterritory,cityorarea. ThestatisticaldataforIsraelaresuppliedbyandundertheresponsibilityoftherelevantIsraeliauthorities.TheuseofsuchdatabytheOECDiswithoutprejudicetothestatusoftheGolanHeights,EastJerusalemandIsraelisettlementsintheWestBankunderthetermsofinternationallaw. NotebytheRepublicofTürkiye Theinformationinthisdocumentwithreferenceto“Cyprus”relatestothesouthernpartoftheIsland.ThereisnosingleauthorityrepresentingbothTurkishandGreekCypriotpeopleontheIsland.TürkiyerecognisestheTurkishRepublicofNorthernCyprus(TRNC).UntilalastingandequitablesolutionisfoundwithinthecontextoftheUnitedNations,Türkiyeshallpreserveitspositionconcerningthe“Cyprusissue”. NotebyalltheEuropeanUnionMemberStatesoftheOECDandtheEuropeanUnion TheRepublicofCyprusisrecognisedbyallmembersoftheUnitedNationswiththeexceptionofTürkiye.TheinformationinthisdocumentrelatestotheareaundertheeffectivecontroloftheGovernmentoftheRepublicofCyprus. Pleasecitethispublicationas: OECD(2025),OECDEconomicSurveys:Germany2025,OECDPublishing,Paris,https://doi.org/10.1787/39d62aed-en. ISBN978-92-64-36113-3(print) ISBN978-92-64-61521-2(PDF) ISBN978-92-64-53170-3(HTML) OECDEconomicSurveysISSN0376-6438(print) ISSN1609-7513(online) OECDEconomicSurveys:GermanyISSN1995-3194(print) ISSN1999-0251(online) Photocredits:Cover©saiko3p/Shutterstock.com.Chapter1©Anticiclo/Shutterstock.com. Chapter2©Gorodenkoff/Shutterstock.com.Chapter3©bbernard/Shutterstock.com. Chapter4©saiko3p/Shutterstock.com. CorrigendatoOECDpublicationsmaybefoundat:https://www.oecd.org/en/publications/support/corrigenda.html. ©OECD2025 Attribution4.0International(CCBY4.0) ThisworkismadeavailableundertheCreativeCommonsAttribution4.0Internationallicence.Byusingthiswork,youaccepttobeboundbythetermsofthislicence(https://creativecommons.org/licenses/by/4.0/). Attribution–youmustcitethework. Translations–youmustcitetheoriginalwork,identifychangestotheoriginalandaddthefollowingtext:Intheeventofanydiscrepancybetweentheoriginalworkandthetranslation,onlythetextoforiginalworkshouldbeconsideredvalid. Adaptations–youmustcitetheoriginalworkandaddthefollowingtext:ThisisanadaptationofanoriginalworkbytheOECD.TheopinionsexpressedandargumentsemployedinthisadaptationshouldnotbereportedasrepresentingtheofficialviewsoftheOECDorofitsMembercountries. Third-partymaterial–thelicencedoesnotapplytothird-partymaterialinthework.Ifusingsuchmaterial,youareresponsibleforobtainingpermissionfromthethirdpartyandforanyclaimsofinfringement. YoumustnotusetheOECDlogo,visualidentityorcoverimagewithoutexpresspermissionorsuggesttheOECDendorsesyouruseofthework. AnydisputearisingunderthislicenceshallbesettledbyarbitrationinaccordancewiththePermanentCourtofArbitration(PCA)ArbitrationRules2012.TheseatofarbitrationshallbeParis(France).Thenumberofarbitratorsshallbeone. 3 Foreword ThisSurveyispublishedontheresponsibilityoftheEconomicandDevelopmentReviewCommitteeoftheOECD,whichischargedwiththeexaminationoftheeconomicsituationofmembercountries. TheSecretariat’sdraftreportwaspreparedfortheCommitteebyRobertGrundke,EnesSunel,andChristianWittnebenunderthesupervisionofMameFatouDiagne.ResearchinputsfromLisaGerland,RudyVerlhacandMartinReinhardfromtheDynEmpteamoftheOECDDirectorateforScience,TechnologyandInnovationaswellasCristianaVitaleandEszterDanitzfromtheOECDEconomicsDepartmentaregratefullyacknowledged. StatisticalresearchassistancewasprovidedbyCorinneChanteloupandeditorialassistancebyLauraFortinandRobinHoungLee.OthervaluableinputsandcommentswerereceivedfromtheOECD’sCentreforEntrepreneurship,SMEs,RegionsandCities,theOECD’sCentreforTaxPolicyandAdministration,theDirectorateforFinancialandEnterpriseAffairs,theDirectorateforEducationandSkills,theDirectorateforEmployment,LabourandSocialAffairs,theOECD’sCentreforSkills,theDirectorateforScience,TechnologyandInnovationandtheDirectorateforPublicGovernance. TheeconomicsituationandpoliciesofGermanywerereviewedbytheCommitteeon2April2025withparticipationofrepresentativesoftheGermanauthorities.ThedraftreportwasthenrevisedinlightofthediscussionsandgivenfinalapprovalastheagreedreportofthewholeCommitteeon28May2025. ThepreviousSurveyofGermanywasissuedinMay2023. InformationaboutthelatestaswellaspreviousSurveysandmoreinformationabouthowSurveysarepreparedisavailableatOECDEconomicSurveys|OECD. 4 Tableofcontents Foreword3 BasicstatisticsofGermany,20247 Executivesummary8 1Strengtheningfiscalpolicyandcontinuingstructuralreformstoreviveeconomicgrowth15 1.1.Continuingstructuralreformsandfurtherreducingpolicyuncertaintyiskeyforrevivingeconomicgrowth16 1.2.Addressingfinancialvulnerabilitiesanddeepeningcapitalmarkets27 1.3.Strengtheningfiscalpolicytoensuremedium-termfiscalsustainability35 References52 2Fosterin