Germany: Wishing Lockdowns Away

Looking ahead and into the second quarter, the expected supply of vaccines should show exponential growth after Easter. At least in the absence of any new surprises. If German authorities manage to get the vaccination programme moving, the second quarter could see an enormous turnaround in sentiment and lockdowns.

With today's Ifo reading, this apparently is not only our own view but a view shared by many German businesses. Let's hope it's not too much collective wishful thinking.

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