BERLIN — Germany has made “excellent use” of its spending power with unprecedented support measures to fight the COVID-19 pandemic, the International Monetary Fund (IMF) said on Thursday, urging Berlin to stay vigilant as risks to growth remain.
The rare praise marks a change in tone for the Washington-based lender, which has for years prodded Germany to loosen its stance of modest spending to invest more.
The German economy shrank by 4.8% in 2020 as the government managed to cushion workers and companies from the coronavirus shock with a series of debt-financed emergency measures, for which it suspended strict borrowing limits.
Its slowdown was slightly better than Europea…
Keep on reading: IMF lauds Germany for ‘excellent’ crisis response