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Coming into 2025, gloom around Germany’s economic outlook seems almost universal. Consensus expects yet another year of stagnation, which – if true – would mean the economy will not have grown meaningfully in six years. This bearishness primarily relates to fears of ongoing deindustrialisation amid weakening demand for Germany’s key exports.
From a broader macro perspective, Capital Group economist Beth Beckett’s view is that deindustrialisation will not be as bad as feared. In any case, however, highlighting the dislocation between sentiment on the macro and in markets, earnings expectations for the DAX this year outpace all other European countries.
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