The weakness of credit growth in the United States and Europe has given rise to concerns that the financial crisis has … inappropriate bank capitalization may restrain credit growth and threaten the current recovery, especially in Germany where core … undercapitalization of banks from becoming a serious limitation to credit growth. …

global growth from September by 0.2 percentage points for 2020 and by 0.6 percentage points for 2021. We now expect world … medium-term trend, production will nevertheless remain well below the level that had been expected before the crisis. For …

purchasing power parity basis - to increase by 3.0 percent this year, with growth next year likely to be somewhat lower at 2 ….8 percent. Compared with our June forecast, we have revised growth upward by 0.2 percentage points for 2023 and downward by 0 ….2 percentage points for 2024. For 2025, we expect the global economy to pick up to a growth rate of 3.2 percent. Unemployment in …

increase by 6.7 percent in 2021 and by 4.7 percent in 2022, thus progressively closing the gap to the pre-crisis path of … by 7.5 percent this year. With growth of 4.7 percent this year and next, respectively, Towards the end of the forecast … horizon world trade will thus be even higher than expected before the crisis. …