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Investitionen und Konsum: Überlegungen zu wirtschaftspolitischen Handlungsoptionen zur Jahresmitte 2020

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  • Hüther, Michael

Abstract

Die konjunkturelle Entwicklung dieses Jahres ist von dem Einbruch der gesamtwirtschaftlichen Leistung ab dem März geprägt. Nach der ersten Schätzung des Statistischen Bundesamtes ist das BIP im ersten Vierteljahr um 2,2, Prozent gegenüber dem Vorquartal geschrumpft, während für das zweite Quartal mit etwa 12 Prozent in laufender Rate eine deutlich stärkere Schrumpfung zu erwarten ist. Allgemein hat sich aber das Bild vermittelt, dass im zweiten Quartal (genauer in dessen erstem Drittel) der Tiefpunkt erreicht sein sollte, so dass ab der Jahresmitte wieder mit positiven laufenden Raten zu rechnen ist. Im Jahresdurchschnitt 2020 wäre dann mit einer Schrumpfung des realen Bruttoinlandsprodukts von fast 9 Prozent zu rechnen. Die dabei für das zweite Halbjahr unterstellte Erholung ist freilich voraussetzungsstark: Es wird davon ausgegangen, dass wesentliche Blockaden auf der Angebotsseite weitgehend gelockert oder nicht mehr wirksam sind und dass die Nachfrageseite wieder anläuft. Es wird auch davon ausgegangen, dass keine zweite Infektionswelle zu einem Second Lockdown führt.

Suggested Citation

  • Hüther, Michael, 2020. "Investitionen und Konsum: Überlegungen zu wirtschaftspolitischen Handlungsoptionen zur Jahresmitte 2020," IW policy papers 13/2020, Institut der deutschen Wirtschaft (IW) / German Economic Institute.
    • Handle: RePEc:zbw:iwkpps:132020
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