German Chancellor Angela Merkel has announced a new wave of lockdown measures in a bid to bring the spread of COVID-19 back under control. German health outcomes during the first wave were far better than those of the region’s other major economies, with the number of fatalities far below those seen in France, Italy and Spain (despite the Bundesrepublik having a much larger population). Likewise, Germany also fared better economically with GDP ‘only’ falling 12% below its pre-crisis level earlier this year, owing in part to an impressive fiscal response. Analysis of early activity indicators in other countries suggest that the economic impacts of more recent lockdowns have generally been smaller than they were earlier in the year.
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