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Hubertus Bardt / Michael Hüther / Christoph M. Schmidt / Torsten Schmidt IW-Policy Paper No. 11 22. May 2020 Growth to Improve the Economic Situation Affected by the Corona-Crisis

North-Rhine-Westphalia is, just like all of Germany, massively affected by the Corona-crisis. While the infection rate is dropping noticeably though, the economy is in the deepest recession in the country’s history.

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Growth to Improve the Economic Situation Affected by the Corona-Crisis
Hubertus Bardt / Michael Hüther / Christoph M. Schmidt / Torsten Schmidt IW-Policy Paper No. 11 22. May 2020

Growth to Improve the Economic Situation Affected by the Corona-Crisis

IW-Policy Paper

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North-Rhine-Westphalia is, just like all of Germany, massively affected by the Corona-crisis. While the infection rate is dropping noticeably though, the economy is in the deepest recession in the country’s history.

To stabilize and /improve the economic situation, it is necessary to start easing the restrictions on the supply side, to protect acutely endangered companies and, possibly, to establish targeted impulses to stabilize demand.

The region will also need a growth and modernisation programme, which would strengthen short-term expectations for a dynamic growth perspective and thereby create the prerequisites for private investments. This is the only option for North Rhine-Westphalia to simultaneously grow out of the crisis and deal with structural change, brought about by the need for digitization and decarbonisation. The current crisis will probably accelerate the need for change, while reducing investment capacity due to the destruction of capital at the same time.  

Clear, investment friendly framework conditions will have to be developed as a basis for tomorrow’s growth and welfare. This includes the promotion of innovation and entrepreneurship, a well-built infrastructure and a budget that enables competitive industrial production in the context of decarbonisation. North Rhine-Westphalia with its strong industrial base, is well placed to take on a leading role in this fundamental change.

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Growth to Improve the Economic Situation Affected by the Corona-Crisis
Hubertus Bardt / Michael Hüther / Christoph M. Schmidt / Torsten Schmidt IW-Policy Paper No. 11 22. May 2020

Hubertus Bardt / Michael Hüther / Christoph M. Schmidt / Torsten Schmidt: Growth to improve the economic situation affected by the Corona-crisis

IW-Policy Paper

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