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Our work, our topics – three teams guarantee KfW’s economic expertise

In order to ensure that KfW Research’s analyses meet the highest quality standards, our work is concentrated in three teams of experts:

Team SME and Competitiveness

This team focuses on small and medium sized enterprises (SME), innovations, start-ups, education and demographics. It analyses the development of SME and start-up finance as well as their structural and economic policy environment. Research areas also include the innovation behaviour of SME and the development of the equity market. Concerning education and demographics, we analyse trends, overall conditions and markets in a variety of areas, covering tertiary and further vocational education, individual education finance, (skilled) labour force and migration.

Unique basis of our research is the data of our extensive, representative annual surveys of SME and start-ups. On this basis, the team is able to identify significant SME and start-up developments at an early stage. The surveys are also essential for KfW’s SME, innovation and start-up finance. Analysing KfW’s SME and education promotion provides the groundwork for further developing KfW’s strategy and products.

Team Energy and Environment

The Energy and Environment Team conducts economic analyses and evaluations of policy decisions relating to sustainable development and the energy sector, municipal and infrastructure finance, energy-efficient buildings, urban development and mobility. Its research centres on observing and analysing trends, overall conditions and markets relating to these areas and evaluating developments.

To ensure promotional objectives and support product development, the team evaluates specific KfW products with regard to their promotional efficiency and effectiveness. Regular publications include the evaluation of the Energy-efficient Refurbishment programme (CO2 Building Rehabilitation Programme of the Federal Government/Ministry of Economic Affairs and Energy) and the KfW Municipal Panel (monitoring the development of German municipalities’ investment activity and financial situation).

Team Macro and Global Economics

The team’s main areas are macro research/global economy, financial markets and banks. The team analyses economic, political and social trends and evaluates them with regard to the opportunities and risks they present for Germany and their relevance to KfW.

The Macro and Global Economics team analyses, forecasts and evaluates the cyclical and structural trends in Germany and the Eurozone, in the USA and in other relevant industrialised and emerging countries. This includes monitoring the international capital markets and structural changes in the German and European banking market. It also analyses and forecasts investment behaviour and capital market trends in Germany and in the Eurozone. The team constitutes KfW’s centre of macroeconomic expertise for ministries, associations, research institutes and the banking industry, as well as for the press and the public.

The macroeconomic expertise of KfW Research is complemented by economic analyses conducted by DEG, Deutsche Investitions- und Entwicklungsgesellschaft, a subsidiary of KfW. They focus on capital flows and activities of private investors in developing countries, primarily analysing the influence investments have on the sustainable development of the national economies. The portfolio includes analyses of opportunities and risks, sector and country analyses and the evaluation of DEG’s activities.

We would be happy to provide you with regular updates from KfW Research.



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