Germany Gearing Up For Reform

The German government is initiating tax, pension, and labor market reforms to combat stagnant economic growth and improve labor supply. These measures, despite implementation delays, support a positive outlook for German equities.

Key Takeaways

• 1.The German government is pushing for structural reforms, including income tax and pension changes, to address stagnant growth and rebuild political momentum.
• 2.Policy initiatives aim to improve labor supply and demand, with potential impacts beginning in 2027.
• 3.UBS holds a positive stance on German equities due to their exposure to industrials and investment cycles.

Table of Contents

• Germany: Gearing up for reform
• Improving labor supply as well as demand
• Global asset class preferences definitions
• Appendix

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