Bornhorst, Fabian; Mody, Ashoka - International Monetary Fund (IMF) - 2012
From its early post-war catch-up phase, Germany’s formidable export engine has been its consistent driver of growth … 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 …