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Dr Dirk Schumacher has been KfW Chief Economist and head of the company's economics department since April 2025.
The German economy has shown itself to be much more robust this year than assumed. Businesses have been able to navigate the impact of the Middle East conflicts and trade policy frictions much better than initially feared. Cautious optimism is returning to many businesses. They are taking a more positive view of their current situation and future business development than just a few months ago. The economy is moving in the right direction. We have raised our growth forecast for Germany to 1.1 per cent for this year and now expect growth of 1.5 per cent for 2027.
Dr Dirk Schumacher
KfW-ifo SME Barometer August 2026
KfW Research, KfW Group, Palmengartenstrasse 5-9, 60325 Frankfurt, Germany,
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