德意志银行2026年及未来德国财政展望解析大规模开支计划-251215英文版20页.pdfVIP

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德意志银行2026年及未来德国财政展望解析大规模开支计划-251215英文版20页.pdf

DeutscheBank

Research

EuropeEconomicsDate

Germany

15December2025

FocusGermany

Fiscaloutlook2026+:Unpacking

Germanysbigspendingplan

Sebastian-BBecker

nBiginBerlin:Amassivespendingspreeisunderwaytorevitalizeageing

SeniorEconomist

infrastructureandbolsterthenationsdefensecapabilities.Followingthe

+49-69-910-21548

looseningofthedebtbrake,thegovernmenthasrevealedanambitious

publicspendingagendaforthenextfiveyears.Ifimplementedasplanned,

federaldebtcouldincreasebyastunningEUR850bnuntil2029(c.20%of

2024GDP).Thoughtheintensionsareclear,itremainstobeseenwhether

theplancanbeexecutedasrapidlyaspromisedandwhetheritwillhavea

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