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Dr Dirk Schumacher has been KfW Chief Economist and head of the company's economics department since April 2025.
„The war in the Middle East and the resulting rise in energy prices have so far only moderately dampened business sentiment in Germany. According to the PMI survey, companies in the manufacturing sector even reported an increase in activity in March. Activity in the services sector, however, showed a significant decline. Since the manufacturing sector is, on average, more energy-intensive than the services sector, this divergence is surprising and suggests, at least for the moment, a certain robustness of the recovery. Nevertheless, the risks to the recovery have risen significantly and if oil and gas prices remain at current levels, they will weigh heavily on the recovery and possibly seriously jeopardise it, depending on how the war unfolds.”
Dr Dirk Schumacher
08.06.2026 │Tag der jungen Wirtschaft, Wirtschaftsjunioren Deutschland
KfW Research, KfW Group, Palmengartenstrasse 5-9, 60325 Frankfurt, Germany,
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