Bundesbank President Says Economic Recovery Faster Than Expected, Structural Reforms Needed

Bundesbank President Joachim Nagel stated that the pace of Germany's economic recovery is faster than expected a few months ago, and the government must continue to push for structural reforms to ensure long-term growth. Speaking at the Riga conference, Nagel pointed out that the latest economic data and forecasts show signs of improvement, suggesting that the Bundesbank may raise its economic growth forecast next month, but caution should not be relaxed. He mentioned that increased public spending on defense and infrastructure, as well as the cyclical recovery of the economy, still do not address Germany's structural issues. Despite inflationary pressures stemming from the war in Iran and the impact of U.S. tariff policies, Germany's economic performance this year has exceeded expectations, with a significant increase in public spending being a key driver of economic expansion. The German government has raised its economic growth forecast for 2026 to 1.3%. Nagel indicated that the German economy has regained some cyclical growth momentum, which is a positive sign.

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