• German economy to show growth this year
  • We don't have a recession
  • Not seeing anything that normally accompanies a recession
  • Labour market is very stable and real wages are rising again

It is no crisis-level recession, that's for sure. But it is hard to argue that the German economy is in good shape since last year. The manufacturing sector is in a rather abysmal state while consumption activity is being gripped hard by higher prices. Those are still some tough challenges to work through for this year.